New Hampshire Congresswoman Carol Shea-Porter says she finds allegations that banking giant UBS defrauded the state’s leading issuer of student loans "deeply disturbing."
Shea-Porter says she will ask two House committees to jointly investigate the matter.
In a civil complaint, the state said that while UBS Securities was steering some clients out of the auction-rate securities market last winter because of signs the market would collapse, it was advising the New Hampshire Higher Education Loan Corporation to offer higher interest rates so it could stay in.
UBS has denied defrauding anyone and says it will vigorously defend itself.