The Securities and Exchange Commission's recent enforcement action against Miami, Fla. signals the commission's seriousness about both upholding prior cease and desist orders and holding public officials accountable, market participants said.

The lawsuit, filed July 19 in a federal court in Florida, charges both the city and former budget director Michael Boudreaux with securities fraud. It also nails the city for violating an existing cease and desist order issued in 2003, the first time the SEC has charged a city for violating such prior orders.

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