Monday, August 4, 2008

UBS Auction Rate Securities -- Top Lawyer Highlighted in Civil Fraud Complaint Resigns From UBS

David Aufhauser, a top lawyer at UBS AG, has resigned from the firm.

Mr. Aufhauser was general counsel of the investment bank in the U.S. and interim co-group general counsel of UBS AG. He was a figure highlighted in a civil fraud complaint filed by New York Attorney General Andrew Cuomo against UBS for its actions in the auction rate securities market, which collapsed earlier this year. The complaint did not specifically name Mr. Aufhauser, referring to him only as, "Executive A."

David Aufhauser when he worked at the Treasury Department.

UBS AG's chief executive officer Marcel Rohner and Jerker Johansson, Chairman and CEO of UBS's investment bank, said in a memo posted on UBS's internal Web site Monday that they accepted Mr. Aufhauser's resignation, said a person familiar with the matter. A UBS spokeswoman confirmed the departure.

No comments: