When the Securities and Exchange Commission last week accused the state of Illinois of misleading investors about the condition of its public pension program, it was only the second time in history that the federal agency has taken action against a state for securities fraud. That could soon change.
The SEC’s head of municipal securities said this week he’d like to see the agency step up its enforcement measures, as he seeks to define his office’s role.
“Expect in the future that the SEC may have a bigger footprint in enforcement of municipal securities,” Director of Municipal Securities John Cross told an audience of state treasurers this week in Washington, D.C….
via SEC Stepping Up Enforcement Against States, Cities — Governing View