FINRA Fines Five Firms $191,250
The Financial Industry Regulatory Authority fined five firms nearly $200,000 for violations of municipal securities rules, and ordered that they pay many thousands more in customer restitution.
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Harrisburg, Pa., Mayor Linda Thompson must overcome bad poll numbers in her re-election bid as the capital city's woes provide a Democratic primary backdrop. more »
Arkansas State Treasurer Martha Shoffner was arrested Friday by the FBI on a charge of public corruption dealing with extortion. more »
While current and former SEC officials say the agency could only do so much in its securities fraud case against Harrisburg, Pa., that didn't set well with critics. more »
The SEC's fraudulent-disclosure charge against Harrisburg, Pa., has larger implications for secondary market disclosures, legal experts assert. more »
Ohio Auditor David Yost warned local governments to tread carefully when talking about their financial conditions, calling this week's SEC charges against Harrisburg, Pa. a "watershed moment" for local politicians. more »
The SEC's fraud accusations against Harrisburg, Pa., could be a deterrent, some market observers say, even if the city appeared to suffer little from the action. more »
Critics say the Securities and Exchange Commission should dig well beyond its cease-and-desist order in its Harrisburg, Pa., securities fraud case. more »
The Securities and Exchange Commission announced Monday it has charged the City of Harrisburg, Pa., with securities fraud for making misleading public statements when its financial condition was deteriorating. more »
George Canellos and Andrew Ceresney have been named co-directors of the Securities and Exchange Commission's enforcement division — the first time the SEC will has had two leaders of the group. more »
The Securities and Exchange Commission today charged the chief executive officer of a Chicago-based advisory firm with lying to the California Public Employers' Retirement System and other clients about the amount of money managed by the firm. more »
The Financial Industry Regulatory Authority fined a firm $37,500 for trade and books and records violations, and a broker $5,000, giving him a four-month suspension, for telling a customer he redeemed bonds rather than sold them without the customer's permission. more »
The Securities and Exchange Commission objects to further delay in the 2009 case against two JPMorgan bankers charged with bribing Jefferson County, Ala., commissioners and broker-dealers to win business. more »
Three former employees of CDR Financial Products Inc. who cooperated with the government's investigation into municipal bond bid-rigging were given prison terms ranging from six months to 18 months. more »

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Opinion

Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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