UBS & Morgan Stanley Fined $1.5 Million In Ars Case

Oregon state officials have confirmed that a $1.24 million settlement has been made with UBS Financial Services, Inc. and a $257,000 settlement with Morgan Stanley & Company, Inc., as part of an ongoing crackdown on the sale of auction rate securities (ARS). The state has also reached settlements with other firms such as Wachovia Securities, Citigroup, Bank of America, Merrill Lynch, RBC Capital Markets, Deutsche Bank Securities and Credit Suisse Securities, totaling more than $1.6 million. These brokerage houses misrepresented ARS as safe, cash like, liquid investments up until the market froze in February 2008.

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