The Colorado Division of Securities recently settled its ninth auction rate securities case since the recession hit in 2008.

The latest settlement is with UBS Securities LLC and UBS Financial Services Inc. UBS agreed to buy back in excess of $456 million worth of auction rate securities from retail Colorado investors who found themselves unable to sell their securities after they had been frozen in the market.

The settlement concludes an investigation led by the division into allegations that UBS misrepresented to its clients that auction rate securities were as safe and liquid as cash, and its failure to provide mandatory training to its agent to ensure accurate disclosure of the securities’ characteristics to clients.

Previous settlements include Deutsche bank Securities, Citigroup Global Markets, Bank of America Securities, Credit Suisse Securities, JP Morgan Chase, Merrill Lynch, RBC Capital Markets and Wachovia Securities.