The Swiss bank is currently being investigated by
Cuomo is investigating claims that that a number of unnamed officials at UBS began selling their personal holdings in ARS as the market began to falter, while the bank still marketed them as safe.
Sources close to Aufhauser maintain that he is the person indentified in the suit as ‘Executive A’ – one of a number of officials that sold their holdings based on inside knowledge of the market.
According to Cuomo, Executive A sold all $250,000 (£128,000) of his personal holding ARS in December 2007 after receiving an email form UBS’s chief risk officer outlining market difficulties.
It is understood that Aufhauser will continue to work for the Swiss bank until the end of September in a consulting role before formally stepping aside.
The news comes after Aufhauser was named alongside global head of compliance Neil Stocks and general counsel for the corporate centre Bernard Schmid in a three-man team to temporarily fill Peter Kurer’s group general counsel role.
The move was made in May after Kurer was named as the bank’s chairman.
