Florida

The Securities and Exchange Commission announced Friday that it has reached a $1.95 million settlement with First Allied Securities Inc. for failing to supervise one of its former brokers who engaged in unauthorized, fraudulent trading in the accounts of two Florida municipalities.

ORLANDO, Fla. — Florida will need full funding to build a high-speed rail network from Tampa to Orlando, and eventually on to Miami, Nazih Haddad, chief operating officer for the state’s new Florida Rail Enterprise program, said yesterday.

BRADENTON, Fla. — The Florida Legislature will consider implementing the state’s first-ever intercept program designed to provide credit enhancement for municipal bonds.

In a special report Monday, Fitch Ratings said negative rating actions against Florida credits last year outpaced positive actions by three-to-one, but the agency expects ratings to stabilize in 2010.

Palm Beach County commissioners Tuesday selected Ruden McClosky Smith Schuster & Russell PA to be bond counsel and to perform related legal services related to the development of a planned convention center hotel.

Miami-Dade County expects to be in the market early next week for a two-day pricing of $600 million of water and sewer bonds — the first round of large yearly debt sales for a newly revised $4.2 billion capital improvement program.

BRADENTON, Fla. — ­Investors in Florida’s distressed community development districts should expect an increasing number of defaults, primarily on bonds sold during the state’s real estate boom years, a new report by ­Interactive Data Corp. warned yesterday.

BRADENTON, Fla. — The Florida Supreme Court Monday decided to hear oral arguments on April 7 in the South Florida Water Management District’s quest to get legal validation for $650 million of certificates of participation, the sale of which is being opposed by two ­appellants.

BRADENTON, Fla. — Florida Gov. Charlie Crist Friday unveiled a $69.2 billion budget proposal for fiscal 2011 that, if accepted by the Legislature, would authorize the least amount of annual debt issuance in more than a decade.

WASHINGTON — High-speed rail proponents rejoiced yesterday after President Obama announced the Federal Railroad Administration has awarded 31 states with a total of $8 billion of high-speed rail grants, the largest of which will go to California, Florida, and the Midwest region.

BRADENTON, Fla. — President Obama and Vice President Joe Biden will be in Florida today to announce which states will share in $8 billion of federal stimulus funding for high-speed rail projects, and the winners will include the Sunshine State.

Miami commissioners late last week approved the sale of $92 million of bonds to build parking facilities for the Florida Marlins’ new baseball stadium, which is under construction.

BRADENTON, Fla. — Miami-Dade County next week plans to offer $600 million of aviation revenue bonds to continue financing for a major capital improvement program at Miami International Airport that is nearing completion.

BRADENTON, Fla. — Florida today expects to complete negotiated pricing of $263.4 million of Florida Forever revenue bonds, representing the last debt authorized for the state’s long-running environmental and conservation land-protection program.

WASHINGTON ­— The Securities and Exchange Commission yesterday charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while reaping more than $14 million in commissions.

Alex Sink, Florida's elected chief financial officer who is running for governor in 2010, on Monday urged Federal Railroad Administration head Joseph Szabo to consider the state's request for $2.6 billion to develop a high-speed rail corridor between Tampa and Orlando.

Dr. Rafick-Pierre Sekaly and other scientists at the Vaccine and Gene Therapy Institute of Florida are looking for "nothing short of cures" when it comes to diseases such as HIV, swine flu, and the West Nile virus, says the institute's chief operating officer, Mark Williams.

BRADENTON, Fla. — Florida Gov. Charlie Crist is urging U.S. Transportation Secretary Ray LaHood to approve Florida’s application for high-speed rail funding now that lawmakers have passed a statewide rail policy and funding bill.

BRADENTON, Fla. — The Florida Legislature late Tuesday finished work on a bill enacting a statewide comprehensive passenger rail policy and providing funds for existing and new rail projects.

Florida’s Senate president, Jeff Atwater, R-Palm Beach, has announced the creation of a new Senate Budget Office to provide greater oversight of legislative expenditures.