Teaming with state and local investigators, the Federal Bureau of Investigation is launching a sweeping investigation of public corruption in the Lower Rio Grande Valley of Texas.

Offering document misstatements related to continuing disclosure violations has been widespread and upcoming enforcement actions will provide guidance on the Securities and Exchange Commission's views, the SEC's muni enforcement chief told issuers Thursday.

The Airport Commission of the City and County of San Francisco has agreed to pay the Treasury $67,000 and retire $1.145 million of Series A variable rate revenue refunding bonds issued in 2010 to settle a tax dispute with the Internal Revenue Service.

The city of Harvey, Ill., has agreed to settle Securities and Exchange Commission charges that it misled bond investors by diverting proceeds away from the projects for which they were intended.

On Wednesday morning the FBI arrested an official in the Puerto Rico Highways and Transportation Authority.

Securities and Exchange Commission member Daniel Gallagher wants more action on pension accounting and more staff devoted to the municipal market.

A beleaguered Victorville, Calif. airport authority notified bondholders in a filing that it expected to default for the seventh time on bonds it issued to redevelop the airport from military to civilian use.

Many issuers were expected to spend Monday scrambling to finish their submissions to meet a Dec. 1 deadline for the Municipalities Continuing Disclosure Cooperation initiative.

The Securities and Exchange Commission is seeking public comments on the collection of disclosure information under its Rule 15c2-12, but may get proposed revisions to the rule and criticism that its estimated burdens for compliance are unrealistically low, some sources said.

On Tuesday morning several Federal Bureau of Investigation agents raided the headquarters of the Puerto Rico Aqueduct and Sewer Authority.

Another issuer has disclosed its participation in the Municipalities Continuing Disclosure Cooperation initiative, a move the securities law community agrees is probably not wise.

A registered investment advisor who worked with Texas Attorney General-elect Ken Paxton could lose his securities license after a hearing Jan. 27. Paxton was fined and reprimanded for violating state securities laws in directing business to Mowery.

The International Municipal Lawyers Association has filed a friend of the court brief asking a federal appeals court to reconsider its decision to disregard a qualified immunity defense for Miami, Fla.'s former budget director, warning that allowing the Securities and Exchange Commission lawsuit against him to go forward would negatively affect municipalities everywhere.

Local county officials in Illinois will be offered special financial training on how to protect their coffers from corrupt fiscal practices similar to what happened in Dixon, Ill. where the comptroller stole more than $50 million in public money.

A federal judge wants more information on bond firms involved in a $31 million borrowing by Allen Park, Mich. that was the target of a recent SEC probe.

Many issuers mulling whether to self-report disclosure violations under a Securities and Exchange Commission initiative will probably weigh their decisions right down to the deadline, and will not see any further guidance from the SEC, a muni law expert told market participants Tuesday.

The Financial Industry Regulatory Authority has fined three firms $32,500 and expelled another from FINRA membership for violations of municipal securities rules governing pricing, transaction reporting, record keeping, and supervision.

The Allen Park, Mich., case marks the first time a city official has been charged on the theory that he "controlled" the persons who committed the primary securities law violations, even though he isn't alleged to have participated or even known of the conduct at issue.

Florida's Palm Beach County School Board will consider a staff recommendation to file under the SEC's MCDC self-reporting disclosure initiative after learning that underwriters have already reported the district under the program.

A federal appeals court appears likely to hear oral arguments in the case of three convicted UBS AG bid riggers early next year, according to documents filed with the court this week.