BRADENTON, Fla. — The Securities and Exchange Commission will be asked by its staff to allow federal civil charges to be filed against Miami for failing to disclose serious budget problems in official documents associated with its bond offerings.

The Miami regional SEC office sent the city a so-called Wells Notice on Monday stating that charges would be recommended for alleged securities violations. The city can choose to try and refute the charges, according to a letter signed by Andre Zamorano, senior counsel in the Miami office.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.