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NY AG sues banking giant UBS for securities fraud
Jul 24, 3:31 PM (ET)
By DAVID B. CARUSO
NEW YORK (AP) - New York Attorney General Andrew Cuomo sued banking giant UBS for fraud Thursday, accusing the company of marketing tens of billions of dollars of auction-rate securities as safe even when they knew the investments were in trouble.
The civil lawsuit claims bank executives pulled their personal investments from the floundering market last winter when they realized a crisis was brewing but continued to tell customers all was well.
"They knew what was happening to the market," said Cuomo deputy Eric Corngold. "Buyers of these securities didn't have a clue.
http://apnews.myway.com/article/20080724/D924DIIG0.html
Jul 24, 3:31 PM (ET)
By DAVID B. CARUSO
NEW YORK (AP) - New York Attorney General Andrew Cuomo sued banking giant UBS for fraud Thursday, accusing the company of marketing tens of billions of dollars of auction-rate securities as safe even when they knew the investments were in trouble.
The civil lawsuit claims bank executives pulled their personal investments from the floundering market last winter when they realized a crisis was brewing but continued to tell customers all was well.
"They knew what was happening to the market," said Cuomo deputy Eric Corngold. "Buyers of these securities didn't have a clue.
http://apnews.myway.com/article/20080724/D924DIIG0.html