The former chief lawyer for UBS' investment bank has agreed to pay $6.5 million to settle an allegation that he dumped his investments in auction-rate securities after getting a company e-mail warning that the market was in trouble, New York officials said Tuesday. David Aufhauser, who resigned as the bank's GC, will give up a $6 million bonus that he had been scheduled to receive from UBS and will pay a $500,000 civil penalty but will not face criminal charges and is not required to admit any wrongdoing.
Former UBS General Counsel Settles Insider Trading Rap
The Associated Press
October 8, 2008