Former State, Local Officials in House Question Some Muni Practices
Former state and local officials on a House Financial Services Committee panel raised concerns Thursday about the lack of transparency of fees in municipal bond deals and the tendency by dealers to push for more negotiated than competitive bond transactions.  more »
Miami officials will hold a special meeting with attorneys to determine whether to accept a settlement with the Securities and Exchange Commission in light of a verdict finding the city guilty of securities fraud. more »
Miami City Manager Daniel Alfonso said the city has received a proposed settlement of the Securities and Exchange Commission's case, in which a jury found the city guilty of securities fraud last week. more »
The settlement by former baseball pitcher Curt Schilling and other 38 Studios executives with Rhode Island could push lone defendant First Southwest to the table. more »
Municipal market participants at The Bond Buyer's California Public Finance Conference shared concrete examples of how disclosure is improving in the wake of the Securities and Exchange Commission's continuing disclosure voluntary enforcement initiative. more »
Stark Municipal Brokers and Performance Trust Capital Partners have agreed to pay a combined $25,000 over reporting violations uncovered by the Financial Industry Regulatory Authority and a former chief executive officer of an Atlanta-based securities company has agreed to be barred from the market in a FINRA action that involves alleged securities fraud. more »
The securities fraud jury verdict against the city of Miami and its former budget director Michael Boudreaux on Wednesday will likely embolden the Securities and Exchange Commission to litigate rather than settle cases against issuers and their officials, lawyers said on Thursday. more »
In a first-of-a-kind verdict, a Miami jury found on Wednesday that Miami and its former budget director, Michael Boudreaux, were guilty of securities fraud for faulty disclosures in connection with three 2009 municipal bond offerings. more »
Amid a federal corruption probe, Opa-locka, Fla.'s former manager, David Chiverton pleaded guilty to taking pay-offs as a state financial oversight panel attempts to prevent the city from having to file for bankruptcy. more »
The Financial Industry Regulatory Authority ordered UBS to pay $750,000 in damages to two Puerto Rico bondholders. more »
Stifel, Nicolaus & Co. has preliminarily agreed to pay a penalty and disgorge ill-gotten gains to settle SEC charges that it misled five Wisconsin school districts, which ultimately lost $200 million from investments that failed during the financial crisis. more »
The Securities and Exchange Commission on Friday announced that a subsidiary of BOK Financial Corp. that served as indenture trustee and dissemination agent for municipal conduit bonds previously tied to securities fraud has agreed to pay more than $1.6 million to settle charges that it helped to conceal numerous problems and red flags from investors in the securities. more »
The Government Finance Officers Association and the National Association of Bond Lawyers on Thursday each issued guidance to issuers and counsel on how to comply with tax-exempt bond rules after the issuance of tax-advantaged bonds. more »
The Government Finance Officers Association sent an alert to its members on Thursday about the importance of timely disclosures in the wake of issuer settlements with the Securities and Exchange Commission under its voluntary continuing disclosure enforcement initiative. more »

Rhode Island General Treasurer Seth Magaziner, in an in-depth chat with Bond Buyer northeast regional editor Paul Burton, explains how the state can rebound through infrastructure. He also talks about his push to require investment firms to reveal public pension fees, lessons learned from the 38 Studios debacle, and his teaching days in post-Katrina Louisiana early in his career.

The orders provide some insight into what the Securities and Exchange Commission considers to be a material false or misleading statement in an offering document.

Upcoming Events

Career Zone

Already a subscriber? Log in here
Please note you must now log in with your email address and password.