SEC investigating bank over auction-rate securities sales
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The Bank of New York Mellon Corp. disclosed Friday in its quarterly report that the Securities and Exchange Commission is investigating possible breaches of procedure by one of the bank's subsidiaries in auction-rate securities sales and purchases. Auction-rate securities are long-term bonds with varying interest rates that change based on weekly or monthly auctions. In the report, bank officials wrote:
The Company self-disclosed to the SEC that Mellon Financial Markets LLC placed orders on behalf of issuers to purchase their own Auction Rate Securities. The SEC is conducting an investigation of those transactions. MFM is cooperating fully with the SEC in its investigation.
On Thursday, the SEC agreed to a preliminary settlement with financial firm Citigroup Global Markets, Inc. over the firm's auction-rate securities practices, and Friday the agency entered into a similar settlement with the firm UBS. UBS is also facing a lawsuit filed late last month by New York Attorney General Andrew Cuomo for allegedly misrepresenting auction-rate securities as low-risk despite the actual volatility of such investments.
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Car Accident Lawyers in New Rochelle, New York
If you have gotten in a car accident, it could seriously change your life. Whether the accident was caused by the other party’s fault or a fault of your own, you’ll want to to make sure that you are ready to prepare yourself for any cases that might follow.
Immediately following any type of car accident, it is important to take certain steps to ensure that the courts will treat you with respect and fairly. First, assess your mental and physical condition. Make sure right after the accident, you document any information regarding the accident and situation, it can be of great help later on.
You’ll want to make sure that you seek professional help for any medical conditions you may be experiencing. Do not wait to seek medical attention, you’ll want to make sure that you have documented evidence of the injury that was caused by the accident. The amount of treatment is also taken into consideration in every case.