Financial crimes

A federal judge signed off on sanctions against IFS Securities Inc.'s former head trader for allegedly pocketing phony commissions and unauthorized trades that bankrupted the firm.

Options for the beleaguered transit authority include expanding its commuter rail base and cracking down on fare evasion.

Keith A. Wakefield's alleged unauthorized and speculative trading at the former IFS Securities Inc. and his attempts to cover it up drew charges Thursday from the SEC and U.S. Attorney's office.

RBC and two muni managers settled charges of flipping bonds in the SEC's latest action targeting abuse of retail order periods.

New York's governor, embroiled in a sexual-harassment scandal, will step down in two weeks, in a move that could affect the state-run MTA, a major bond issuer.

Former Markham, Illinois, Mayor David Webb Jr. was accused of pocketing bribes for a project financed with bonds. He also pled guilty to criminal charges.

The Brooklyn borough president maintained his narrow lead under the city's ranked-choice voting system, prompting Kathryn Garcia and Maya Wiley to concede.

Given that subway safety concerns could impair a rebound from COVID-19, recent spikes in crime and levels of policing triggered spirited discussion at a board meeting.

Hilltop Securities Inc., the third-biggest adviser on bonds issued by U.S. states and local governments, sued a former employee for allegedly stealing confidential files before leaving for competitor RBC Capital Markets.

A federal judge agreed with the SEC that the Chicago suburb must prove the status of reforms agreed to in settling allegations the city misused bond proceeds.

Former Michigan Gov. Rick Snyder and two former Flint emergency managers entered not guilty pleas Thursday on criminal charges tied to their alleged roles in the Flint water contamination crisis

Jim Beard, Atlanta's CFO for seven years, was charged by a federal grant jury with fraud, theft of government funds and purchasing illegal machine guns.

The New York mayor's move reflects a nationwide response to protesters in the aftermath of the death of George Floyd.

Two executives for the failed Tri-Valley charter schools agreed to pay $20,000 and $15,000 to settle charges of misleading municipal bond investors.

Twelve banks agreed to stricter antitrust oversight under the $250 million accord, said Pennsylvania Treasurer Joe Torsella.

The proposed settlement, filed in federal district court in New York late last week, would bring to a close the SEC’s case against Navnoor Kang, Deborah Kelley and Gregg Schonhorn.

“Reporting unauthorized transactions is certainly a good first step in building cooperation,” said one lawyer. “But there could be a lot more to it.”

A power struggle in Mount Vernon, New York, over who will replace a mayor forced out following a campaign finance scandal leaves the Westchester County city's future fiscal direction in flux.

The SEC and Bank of Oklahoma differ in what they want a federal judge to do next in the Christopher Brogdon case, though both claim to have investors' best interests at heart.

Clayton noted a trend of issuers being advised that information they supply on EMMA is subject to more anti-fraud scrutiny than information provided in other ways.