Alleged deceptive sales practices

AUG. 22, 2007 David Shulman, UBS's municipal bond chief and head of fixed income, launches sales effort, urging brokers to get individual clients to buy auction-rate securities.

Shulman sells large portion of his personal holdings in auction-rate securities.

SEPT. 6 An internal e-mail from Shulman suggests the firm exit the auction-rate business. Notes "legal and reputational issues on this decision."

OCT. 31 Shulman, in e-mail to colleague, calls the investments "a huge albatross."

DEC. 11 Ross Jackman, a Shulman deputy, says in internal e-mail, "The auctions aren't going to come back."

DEC. 12 Shulman sells the rest of his personal auction-rate holdings.

DEC. 15 Shulman, in an e-mail to UBS chief risk officer Joseph Scoby, discusses whether to stop supporting auctions: "the moral obligation runs very deep."

FEB. 8, 2008 In "upbeat" UBS conference call, brokers are told, "the public auction continues to be very effective."

FEB. 12 Internal e-mail to Shulman urges, "we need to beat the bushes harder than ever to unload this paper."

FEB. 13 Auctions fail. Massachusetts investors are sold $50 million of the securities in prior five days.

YESTERDAY UBS is sued by Massachusetts Securities Division.