N.Y. AG Launches Auction Rate Securities Probe

Law360, New York (April 18, 2008, 12:00 AM EDT) -- Joining federal regulators probing the collapse of the auction rate securities market, New York Attorney General Andrew M. Cuomo has reportedly begun a criminal investigation into the matter, sending subpoenas to some 18 financial services firms.

Citing a source familiar with the investigation, the Wall Street Journal reported Friday that Cuomo's office issued subpoenas to some of Wall Streets biggest firms, including UBS AG, Citigroup Inc. Merrill Lynch & Co., JP Morgan Chase & Co. and Goldman Sachs Group.

In addition, the New York Attorney General...
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