WASHINGTON – The Securities and Exchange Commission isn't buying former Miami budget director Michael Boudreaux's claim that he has been financially ruined and can't pay a $450,000 civil penalty for committing securities fraud.

In a document filed late Tuesday with the U.S. District Court for the Southern District of Florida in Miami, the SEC said Boudreaux's claim "displays his utter failure to accept responsibility and respect the jury's verdict."

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