A civil securities fraud case against the city of Miami is coming to a conclusion this summer, nearly seven years after federal investigators began probing a series of questionable accounting maneuvers that temporarily masked a mounting financial crisis at the city.
And though evidence suggests Miami officials temporarily shifted highly restricted funds into bleeding operating accounts to mask losses in the late 2000s — all the while assuring bond investors their finances were still rosy — the city appears intent on fighting the Securities and Exchange Commission all the way to a jury trial.
via Miami digs in against SEC as securities fraud civil trial looms | Miami Herald.
