AUCTION RATE SECURITIES FRAUD

UBS, MERRIL LYNCH, NUVEEN, PIMCO AND CITIGROUP/SMITH, BARNEY SECURITIES FRAUD CLAIMS

Investors have also recently learned that they were misled in connection with Auction Rate Preferred Securities (”ARPS”) or AUCTION RATE SECURITIES that were sold by most major Wall Street brokers as liquid money market equivalents. Investors have been frustrated by their inability to withdraw funds which had been represented to be readily available and the outlook for these positions is uncertain.

Many investors in need of their AUCTION RATE SECURITIES investment funds can not access their money. While AUCTION RATE SECURITIES were marketed as safe, investors have and will sustain losses of principal in the $330 billion market that was inundated with questionable collateral and manipulation by brokerage firms. The Wall Street Journal reports that an action has been filed against UBS Securities by the New York Attorney General’s Office for fraud in connection with the offer and sale of Auction Rate Securities represented to be safe and liquid. According to the Attorney General and Miller & Milove’s investigation of the Zurich, Switzerland based UBS, over 50,000 UBS account holders have lost over $20 billion in fraudulent Auction Rate Securities sales.

Similarly, on August 1, 2008 the U.S. Securities and Exchange Commission announced its investigation of CITIGROUP/SmithBarney for AUCTION RATE SECURITIES violations. Miller & Milove represents UBS, Nuveen and CITIGROUP/SmithBarney AUCTION RATE SECURITIES victims.

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