David Shulman, the former head of municipal securities at UBS, has agreed to pay $2.8 million to settle allegations he dumped his personal holdings of student loan auction-rate securities after acquiring inside information.

Without admitting he did anything wrong, Shulman agreed to pay New York State to cease an investigation into his sale of auction-rate securities in December 2007, according to a settlement announced Thursday by state Attorney General Andrew Cuomo.

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