UBS Exec Agrees to $2.75 Million Settlement

The New York Attorney General’s office has reached a $2.75 million settlement with David Shulman, a former senior UBS executive, on charges of insider trading in auction-rate securities. According to the New York Times, this settlement follows one reached in October 2008 with former UBS general counsel David Aufhauser for $6.5 million. As part of the settlement, Shulman is prohibited from working in the securities sector until January 2011.