Enforcement

A lawyer facing Securities and Exchange Commission charges that he violated federal securities laws as part of a pay-to-play scheme to secure Ohio pension business is arguing the commission’s charges cannot apply to him and should be dismissed.

Ramapo, N.Y.’s A1 rating from Moody’s Investors Service is on review for downgrade in the wake of federal fraud charges alleging misstatements of financial reporting.

The Securities and Exchange Commission’s municipal enforcement unit could be bringing more cases with concurrent criminal charges in the future as it plans to increase its coordination with the Department of Justice and the Federal Bureau of Investigation.

First Winston Securities, Alton Securities Group, and MidAmerica Financial Services were ordered to pay a total of $115,000 in fines and restitution by the Financial Industry Regulatory Authority for violation of municipal securities rules.

In parallel actions on Thursday, the Securities and Exchange Commission and the U.S. district attorney for the Southern District of New York filed civil and criminal charges against Ramapo, N.Y., officials for misleading investors in connection with bonds issued to finance a minor league baseball stadium.

Securities and Exchange Commission chairman Mary Jo White cited a voluntary municipal continuing disclosure enforcement program for dealer and issuers as one of the commission’s successful efforts at deter securities law violations and change market behavior.

The Securities Exchange Commission has charged Texas Attorney General Ken Paxton with securities fraud in a case involving a Texas-based technology company. Paxton was already under indictment in Texas for acting as an unregistered financial advisor.

The Conroe Industrial Development Corporation in Texas has paid a penalty and agreed to redeem bonds under the Internal Revenue Service’s voluntary closing agreement program (VCAP) to settle a tax violation relating to bonds it issued in 2008 and refunded in 2012.

The Supreme Court’s refusal to take up a case on the Securities and Exchange Commission’s use of administrative proceedings to impose penalties in enforcement cases prompted a law firm to recommend those subject to administrative proceedings to challenge their constitutionality.

Some investors holding millions of dollars of bonds in default in the Florida panhandle are upset by what they see as inaction by trustee Bank of Oklahoma Financial and a fired employee with links to accused fraudster Christopher Brogdon.

The Financial Industry Regulatory Authority has censured and fined Edward Jones $200,000 for misrepresenting taxable customer interest as tax-exempt and failing to adequately monitor its supervisory systems meant to address short positions the firm had in municipal bonds.

For the first time in the municipal securities market, the Securities and Exchange Commission on Tuesday charged a municipal advisory firm, its chief executive officer, and two of its employees for breaching their fiduciary duty by failing to disclose a conflict of interest to a municipal client.

Westlands Water District, Calif. is on Fitch Ratings' rating watch negative after it was fined by the Securities and Exchange Commission for misleading investors.

Issuers are not likely to change the Securities and Exchange Commission staff’s minds about the violations they have disclosed under the commission’s municipal self-reporting initiative, the commission’s top cop for municipal securities enforcement said on Thursday.

The Securities and Exchange Commission on Wednesday charged California's largest agricultural water district and two officials with misleading investors about its financial condition when it issued $77 million of bonds in 2012.

The Securities and Exchange Commission on Monday charged a Rhode Island agency, its underwriter, and three individuals associated with $75 million of 2010 bonds for a startup video game company with defrauding investors by not revealing the complete financial status of the company or the extent of the compensation arrangement with the underwriter.

Six broker-dealers and investment providers have agreed to pay $103.35 million in preliminary settlements of charges by issuers and state attorneys general that they engaged in bid-rigging and price fixing for municipal investment products and derivatives.

The Financial Industry Regulatory Authority ordered George K. Baum & Co. to pay $270,000 for charging a Colorado school district more than four times the firm’s normal underwriting fee, partly to pay for costs associated with promoting bond ballot initiatives.

The Securities and Exchange Commission told Miami, Miami-Dade County, and the Marlins that no enforcement action will be recommended after a four-year-long inquiry into the financing of the team's $615.7 million stadium.

A Financial Industry Regulatory Authority arbitration panel in San Juan ordered UBS AG to pay an investor about $1.45 million in compensation for losses suffered by investments in its Puerto Rico closed-end bond funds.