Enforcement

The city of Miami will consider paying $1 million, as recommended by City Attorney Victoria Mendez, to settle a Securities and Exchange Commission’s lawsuit.

Peter Cannava is fighting the Securities and Exchange Commission’s attempt to put him back into its lawsuit over 38 Studios’ private placement by trying to amend the complaint to include more details about his alleged aiding and abetting the defrauding of investors.

The highest tax-exempt bond priority audits for fiscal year 2017 will be on claims and returns that have been identified because of noncompliance issues, according to the work plan for the IRS’ Tax-Exempt Bond Office.

The judge assigned to Calvin Grigsby's federal discrimination lawsuit against the city of Shreveport, La., is considering whether to dismiss the complaint.

The Internal Revenue Service has informally advised the Baker Correctional Development Corp. in Florida that $45 million of first mortgage revenue bonds it issued in 2008 are taxable.

Miami officials will hold a special meeting with attorneys to determine whether to accept a settlement with the Securities and Exchange Commission in light of a verdict finding the city guilty of securities fraud.

Former state and local officials on a House Financial Services Committee panel raised concerns Thursday about the lack of transparency of fees in municipal bond deals and the tendency by dealers to push for more negotiated than competitive bond transactions.

Miami City Manager Daniel Alfonso said the city has received a proposed settlement of the Securities and Exchange Commission's case, in which a jury found the city guilty of securities fraud last week.

The settlement by former baseball pitcher Curt Schilling and other 38 Studios executives with Rhode Island could push lone defendant First Southwest to the table.

Municipal market participants at The Bond Buyer's California Public Finance Conference shared concrete examples of how disclosure is improving in the wake of the Securities and Exchange Commission's continuing disclosure voluntary enforcement initiative.