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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Victorville CA DUI Lawyers - Drunk Driving Defense Attorney
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
If you fail a sobriety test or have a blood alcohol level above 0.8%, you are considered to be driving under the influence in which you will be arrested. During this time you will be read your Miranda rights and it is crucial to exercise your right to remain silent. As they say, “anything you say can and will be held against you in court.” The courtroom takes no mercy on drunk drivers and any statement you make during your arrest will only damage your case.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our Victorville CA DUI defense attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you.