Georgia requested information from UBS AG, Morgan Stanley and Ameriprise Financial Inc. in its probe over whether the firms broke the state’s securities laws in sales of structured notes called reverse convertibles, according to BusinessWeek
The Secretary of State’s office sent subpoenas requesting data from each of the firms on how many reverse convertibles they sold in Georgia and the names of the investors, according to a person familiar with the matter, who spoke on condition of anonymity because the investigation is ongoing.
Reverse convertibles are short-term bonds generally sold to individuals that convert into stock if a company’s share price plummets.
Find out more at http://www.businessweek.com/news/2011-07-21/ubs-morgan-stanley-subpoenaed-over-reverse-convertibles.html
No comments:
Post a Comment