DoJ

After last week's revelations about alleged wrongdoing by CMEEC officers, the issuer has appointed a special committee to oversee its own investigation.

Connecticut Municipal Electric Energy Cooperative officials allegedly used CMEEC funds for lavish trips to the Kentucky Derby and a luxury golf resort in West Virginia.

The whistleblower responsible for federal investigations and lawsuits accusing banks and broker-dealers of fraud and collusion in the remarketing of variable rate demand obligations will likely be forced to go public because of a recent ruling by Massachusetts’ highest court.

The disclosure of some variable-rate demand obligation information on EMMA shouldn't be used to dismiss a lawsuit alleging fraud in VRDO remarketing,lawyers for the plaintiff told an Illinois court.

The Securities and Exchange Commission has sent letters to the 12 top banks and broker-dealers that remarket variable rate demand obligations, seeking information and documents on their remarketing and rate resetting practices.

Navnoor Kang, a former director at the New York State Common Retirement Fund, wants home confinement rather than prison.

Two town officials also received civil penalties totaling $35,000 and were ordered to resign and be temporarily barred from employment with Ramapo, N.Y.

The SEC wants a quick end to its case against former Ramapo, N.Y. town supervisor Christopher St. Lawrence, but St. Lawrence's lawyer wants a federal judge to proceed to trial.

Former broker Deborah Kelley could end up paying close to half a million dollars in fines, penalties, and restitution for her role in defrauding the New York State Common Retirement Fund.

The SEC told a federal court that it will not pursue a judgment against the muni advisor firm or its principal unless it appears that the settlement process has stalled.

Navnoor Kang, the former director of fixed income for the New York State Common Retirement Fund, has pleaded guilty to criminal fraud charges.

Enforcement actions are generally terminated when firms have remedied underlying problems.

Former broker Deborah Kelley will pay $188,000 as part of her sentence after pleading guilty to taking part in a pay-to-play scheme involving New York pension fund business.

Christopher St. Lawrence is arguing that errors during his case should allow him an acquittal or new trial.

A federal jury found Christopher St. Lawrence, the former town supervisor of Ramapo, N.Y., guilty of criminal fraud.