David Aufhauser, former general counsel of UBS' operations for global investment bank, agreed to pay $6.5 million to settle insider-trading accusations by New York Attorney General Andrew Cuomo. Cuomo's office said Aufhauser learned material, nonpublic information about the Swiss bank's problems with auction-rate securities through an e-mail from UBS' chief risk officer and immediately sold all of his holdings in that class of securities. Under the settlement, Aufhauser, a former general counsel to the U.S. Treasury, is prohibited from working in the securities industry for two years and is barred from practicing law in New York for two years.

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