{"id":4627,"date":"2008-06-30T00:44:56","date_gmt":"2008-06-30T00:44:56","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/06\/massachusetts_commonwealth_sec"},"modified":"2022-03-29T15:19:08","modified_gmt":"2022-03-29T20:19:08","slug":"massachusetts-commonwealth-sec","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-commonwealth-sec\/","title":{"rendered":"Massachusetts Commonwealth Secretary William Galvin Sues UBS for Fraud"},"content":{"rendered":"

Commonwealth of Massachusetts Secretary William Galvin is suing UBS <\/a>because it says the investment firm pushed auction-rate securities onto investors in an effort to minimize its own losses. In his complaint, the state’s head securities regulator cited fraud as grounds for the lawsuit.<\/p>\n

Galvin cites several e-mails that indicate that UBS told its sales team to aggressively sell the notes to as many investors as possible after the firm realized that the $300 billion auction-rate securities market was in trouble and there were beginning to be more people selling than buying.<\/p>\n

One e-mail, dated December 15, indicates that UBS’s wealth management unit held $33 billion of the auction-rate securities and that the firm had underwritten $43 billion of the market’s securities. Galvin says UBS engaged in a “comprehensive and deliberate” strategy to minimize their inventory.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Commonwealth of Massachusetts Secretary William Galvin is suing UBS because it says the investment firm pushed auction-rate securities onto investors in an effort to minimize its own losses. In his complaint, the state’s head securities regulator cited fraud as grounds for the lawsuit. Galvin cites several e-mails that indicate that UBS told its sales team […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3865,3755],"tags":[],"class_list":["post-4627","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-ubs"],"yoast_head":"\nMassachusetts Commonwealth Secretary William Galvin Sues UBS for Fraud — Investor Lawyers Blog — June 30, 2008<\/title>\n<meta name=\"description\" content=\"Commonwealth of Massachusetts Secretary William Galvin is suing UBS because it says the investment firm pushed auction-rate securities onto investors in — June 30, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-commonwealth-sec\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Massachusetts Commonwealth Secretary William Galvin Sues UBS for Fraud — Investor Lawyers Blog — June 30, 2008\" \/>\n<meta name=\"twitter:description\" content=\"Commonwealth of Massachusetts Secretary William Galvin is suing UBS because it says the investment firm pushed auction-rate securities onto investors in — June 30, 2008\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Massachusetts Commonwealth Secretary William Galvin Sues UBS for Fraud — Investor Lawyers Blog — June 30, 2008","description":"Commonwealth of 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