Report: Cuomo set to charge UBS with fraud

This could be the first of several cases arising from an investigation into the auction rate securities market.
JUL 23, 2008
By  Bloomberg
New York state Attorney General Andrew Cuomo is preparing to file civil securities fraud charges against UBS AG in what could be the first of several cases arising from an investigation into the auction rate securities market, The Wall Street Journal reported. The suit could also include allegations of malfeasance by senior UBS executives, people familiar with the case told the Journal. Because UBS’ trading operations for auction rate securities are based in New York, the lawsuit could seek a broad resolution for UBS auction rate clients, who hold roughly $25 billion of these instruments. The suit could involve a settlement that would let customers cash in at face value securities that have been illiquid for months. “A filing of a complaint at this point would be disappointing given we are working with regulators, peers and industry groups to develop solutions addressing the liquidity issues in the ARS market,” according to a statement from Zurich, Switzerland-based UBS.

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.