Tags: auction | rate | securities

FINRA Probes 40 Firms on Auction Rate Securities

Thursday, 21 Aug 2008 05:03 PM

NEW YORK -- U.S. financial industry enforcement agents will review the auction-rate debt operations of about 40 firms industrywide starting next week, sources familiar with the investigation said Thursday.

The sources, who declined to be identified, said the attorneys and investigators did not have the power of subpoena, but were undertaking the on-site review during the weeks of Aug. 25 and Sept. 8 to target firms with large amounts of auction rate securities in accounts.

The sources declined to identify which firms would be visited by the Financial Industry Regulatory Authority, but said they included international and U.S. firms, bank affiliates, insurance company affiliates, independent firms and regional and small firms.

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