Ex-UBS Exec Settles ARS Case For $2.8M

Law360, New York (February 18, 2010, 6:24 PM EST) -- A former top executive at UBS AG will pay a $2.75 million civil penalty to settle allegations that he banked on insider information to sell his auction rate securities just before the market for them collapsed, according to prosecutors.

In the deal, announced Thursday by New York Attorney General Andrew M. Cuomo, David Shulman did not admit any of the investigators' findings. Shulman was the global head of municipal securities at UBS and led Fixed Income for the Americas at UBS Securities LLC.

“While thousands of...
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