February 17, 2010 — Many E Trade investors are finding themselves with illiquid Auction Rate Securities (also known as “ARS”) that have little or no resalable value. E Trade allegedly contacted many of its high net worth individuals and solicited them to purchase auction rate securities and in many instances marketed the auction rate securities as “cash equivalents”, “similar to a money market” and highly liquid. Now that many of the issues of the Auction Rates securities sold through ETrade are frozen investors are not sure what to do. Many are finding out that their only recourse is to hire a securities attorney to file an arbitration claim with the Financial Industry Regulatory Authority “FINRA”. Lars Soreide, Esq., of Soreide Law Group, PLLC, has filed several arbitrations before FINRA for burned E Trade investors.

Soreide Law Group represents clients nationwide before the FINRA for the purpose of recovering investment losses. If you are one of the investors you should contact Soreide Law Group at (888) 760-6552 for a free consultation

Unfortunately, many of the burned E Trade ARS investors were conservative, income oriented investors in Auction Rate Securities are now discovering that these "just like cash" investments are not liquid and may have little or no value unless they take legal action.

ARS investors thought they had a money market or CD-like securities that they could cash out when needed. As early as last summer, the $330 billion auction rate market began locking up. As the global credit crunch continued, it has been increasingly hard to resell the securities.