{"id":4636,"date":"2008-07-24T21:17:24","date_gmt":"2008-07-24T21:17:24","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/07\/new_york_attorney_general_file"},"modified":"2022-03-29T15:30:28","modified_gmt":"2022-03-29T20:30:28","slug":"new-york-attorney-general-file","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/new-york-attorney-general-file\/","title":{"rendered":"New York Attorney General Files Securities Fraud Lawsuit Against UBS"},"content":{"rendered":"

\t\t\t\tNew York State Attorney General Andrew Cuomo filed a securities fraud lawsuit today against UBS AG <\/a>related to what he is alleging was the firm’s fraudulent promotion of auction-rate securities as safe investments. He is reportedly seeking to make UBS offer to purchase back at face value approximately $25 billion in ARS instruments held by UBS clients in New York and across the United States. <\/p>\n

Sources report that UBS is not the only entity that Cuomo may file charges against in the wake of his office’s investigation of auction-rate securities debacle. Thousands of investors have complained that they were told that the securities were like cash and would yield a little higher than a money market account. <\/p>\n

Cuomo’s probe has focused on whether UBS and other investment firms notified investors of the risks involved with investing in auction-rate securities. He began his investigation in April when he subpoenaed 18 institutions. Since then, Cuomo has sent subpoenas to 100 individuals and 30 entities, including JP Morgan Chase & Co<\/a>, Citigroup Inc<\/a>., Goldman Sachs Group, Inc., and Merrill Lynch and Co<\/a>. <\/p>\n

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

New York State Attorney General Andrew Cuomo filed a securities fraud lawsuit today against UBS AG related to what he is alleging was the firm’s fraudulent promotion of auction-rate securities as safe investments. He is reportedly seeking to make UBS offer to purchase back at face value approximately $25 billion in ARS instruments held by […]<\/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-4636","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-ubs"],"yoast_head":"\nNew York Attorney General Files Securities Fraud Lawsuit Against UBS — Investor Lawyers Blog — July 24, 2008<\/title>\n<meta name=\"description\" content=\"New York State Attorney General Andrew Cuomo filed a securities fraud lawsuit today against UBS AG related to what he is alleging was the firm's — July 24, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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