Getting your player ready...
Deutsche Bank Securities has agreed to buy back $21.4 million in illiquid auction-rate securities it sold to Colorado investors, Colorado Securities Commissioner Fred Joseph said Wed nesday.
The securities were marketed as safe and liquid investments by numerous firms, but when auction-rate markets froze in February 2008, investors couldn’t access their funds, causing significant financial hardships.
“Securing a liquidity solution for retail investors in the auction-rate-securities market has been the primary objective of our investigations, and this agreement with Deutsche Bank Securities achieves that goal. We are pleased to see that they have resolved this problem,” Joseph said.
