Securities regulators in Massachusetts, Florida, Georgia, Illinois, Missouri, New Hampshire, New Jersey, North Dakota, Texas and Washington are investigating auction-rate securities and coordinating their efforts to help investors get back some of their frozen assets from these supposedly safe and liquid investments.
The North American Securities Administrators Association, which represents state securities regulators, is following the lead of the SEC and Financial Industry Regulatory Authority, both of which recently started looking into how brokers marketed the products to investors.
State securities regulators began their investigation in late February. Although they’re being handled separately in each state, probes are being coordinated through a task force headed by Bryan Lantagne, head of the Massachusetts Securities Division. The regulators are focusing on broker conduct and paying special attention to what was potentially misrepresented and omitted at the time of sale.
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