DENVER (AP) — Colorado is joining other states in a settlement with E-Trade Securities over the sale of auction rate securities.

Colorado Securities Commissioner Fred Joseph says the company agreed to buy back about $3.5 million worth of securities from Colorado investors who found themselves unable to sell their securities after they had been frozen.

Authorities say the company misrepresented details on the securities to investors, comparing them to money market funds.

E-Trade CEO Steven Freiberg says the company played a limited role in the sale of the securities and the settlement puts an end to the issue.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s