Missouri regulators are investigating whether consumers were misled into plugging hundreds of thousands of dollars into obscure investments called auction rate securities.</p><p>Missouri Secretary of State Robin Carnahan&#8217;s securities division is seeking information from at least eight broker-dealers, officials have confirmed.</p><p>More than a dozen consumers have complained they were told they could enjoy the benefits of a money market account that can be cashed out at any time, but reap a higher return.</p><p>In fact, their investments became locked up so now they can&#8217;t get their money back when they need it.</p><p>Auction rate securities are like long-term bonds. But they are sold as short-term investments at weekly and monthly auctions, where investors have the option to sell what they currently own or buy more.</p><p>But in February, thousands of investors around the country found they couldn&#8217;t get their money back because large banks that usually buy the securities stopped bidding on them, causing the auctions to fail.</p><p>Now regulators are looking at whether banking firms adequately warned investors of the risks that the auctions could fail. Missouri is one of nine states on a national task force of state regulators examining the problem.</p><p>&#8220;Because of the rise in complaints surrounding this issue, our office is working together with other states around the country to investigate how auction rate securities have been marketed and pitched to investors,&#8221; Carnahan said Friday.</p><p>On Thursday, Attorney General Andrew M. Cuomo of New York subpoenaed 18 banks that underwrote and brokered the investments, according to <em>The New York Times</em>.</p><p>Officials say the <strong>Securities and Exchange Commission </strong>is also examining the problem.