Enforcement

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 bonds were used to finance the acquisition and renovation of an assisted living facility in Alabama by Dwayne Edwards, who the SEC charged with fraud last year.

The Securities Exchange Commission and the former town attorney for Oyster Bay, N.Y. have agreed to a proposed settlement of SEC charges.

The 29% tax exposure rate is up for a readjustment because the new tax bill slashed the corporate tax rate to 21% from 35% and also lowered individual tax rates.

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.

As bond lawyers meeting in Phoenix discussed current topics in securities law and enforcement on Thursday, one theme that emerged was the importance of a smart response to SEC inquiries.

Brad Waterman says it's unfair for the IRS to withhold documents pertaining to a "suspected practitioner misconduct" charge that was filed against him but never investigated.

All but one of the remaining defendants in the Securities and Exchange Commission's case against Ramapo, N.Y., have agreed to settlement terms, according to court documents.

The sanctions involved eight transactions of Alaska bonds issued in 2015 and FINRA found the firm had inadequate supervisory procedures.

Bondholders now have until Jan. 26 to agree to the tender exchange on up to $435 million in bonds.