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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInBoulder County settles with SEC for failure to properly disclose finances in bond filings – Boulder Daily Camera
Boulder County has entered a settlement with the U.S. Securities and Exchange Commission over its failure to properly file its financials prior to selling millions of dollars in bonds, as required by law. County officials said the settlement, in which the county neither admits or denies wrongdoing, centers on a period from 2007 to 2009 […]
Miami digs in against SEC as securities fraud civil trial looms | Miami Herald
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 […]
SEC Enforcement Staff’s Investigations of Financially Stressed Municipal Issuers — Securities Litigation & Compliance Matters
As reported by the Wall Street Journal, the SEC Enforcement Staff is one year into a wide-ranging review of disclosures made by financially stressed municipal bond issuers. This review has focused on whether municipalities made sufficient disclosures concerning the extent of their financial stress. The SEC announced that this review has already resulted in a number […]
SEC Launches Enforcement Cooperation Initiative for Municipal Issuers and Underwriters — SEC Press Release
The Securities and Exchange Commission today announced a new cooperation initiative out of its Enforcement Division to encourage issuers and underwriters of municipal securities to self-report certain violations of the federal securities laws rather than wait for their violations to be detected. via SEC Launches Enforcement Cooperation Initiative for Municipal Issuers and Underwriters — SEC […]
LeeAnn Ghazil Gaunt Named Chief of SEC Enforcement’s Municipal Securities Unit – Compliance Week
The SEC announced today that LeeAnn Ghazil Gaunt has been named the new chief of the Enforcement Division’s Municipal Securities and Public Pensions Unit. Gaunt fills the vacancy created by the departure of former chief Elaine C. Greenberg, who left the SEC in July 2013. via LeeAnn Ghazil Gaunt Named Chief of SEC Enforcement’s Municipal […]
SEC Probing Schilling’s Failed 38 Studios Video-Game Bond Deal – Bloomberg
The U.S. Securities and Exchange Commission is investigating a $75 million financing by a Rhode Island agency for Curt Schilling’s bankrupt video-game company. The Rhode Island Economic Development Corp. sold federally taxable municipal bonds backed with the state’s moral obligation to induce the former Boston Red Sox pitcher to move 38 Studios LLC from Massachusetts […]
SEC Enforcement Action and Report a Warning Shot to Municipalities on Disclosures – Compliance Week
Last week’s enforcement action against the City of Harrisburg, Pa., and accompanying Report of Investigation should serve as a warning to municipalities: beware making misleading statements about a municipality’s financial condition outside of securities disclosure documents. via SEC Enforcement Action and Report a Warning Shot to Municipalities on Disclosures – Compliance Week
SEC Stepping Up Enforcement Against States, Cities
SEC case against state of Illinois marks just second time the agency has taken action against a state for securities fraud.
The SEC’s Newest Targets? Muni-Bonds and Pension Funds
Specialized SEC unit leads crackdown on municipal securities fraud and “pay-to-play” practices.
SEC Steps Up to the Muni Plate
The first enforcement actions from the SEC’s new municipal bond unit may become public by as early as this summer.