New York state attorney general Andrew Cuomo is making preparations to file civil securities-fraud charges against UBS, possibly as early as this week - the first of several cases that could grow out of New York's investigations into the auction-rate-securities market and another blow for the industry and UBS.

State securities regulators in Massachusetts have already filed charges against UBS. Cuomo's office could file charges against other entities it is investigating in coming weeks, say people familiar with the investigation.