Auction Rate Securities
Active fraud investigations are currently in progress about alleged securities raud in connection with the sale of Auction Rate Securites (ARS) by a number of major broker-dealers in the financial banking industry.
On February 7, 2008, the market for ARS collapsed when the major broker dealers said they will no longer purchase ARS for themselves so that the auctions do not fail and that the securities stay liquid. But in the past month many thousands of securities auctions held by broker-dealers have now failed. The result of this is that $350 billion in Auction Rate Securities that were once touted as cash equivalents are now NOT liquid which has resulted in massive economic losses and caused severe hardships for many investors.
Auction Rate Securities
Is Your Money Frozen? Options, Advice, & Recovery
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