SEC enforcement

"Settlor's remorse" is no justification for upsetting a settled order, SEC says.

It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.  

The charges related to implementation and enforcement of material nonpublic information policies and Puerto Rico bonds.

As an alleged fraud scheme puts a spotlight on due diligence, some say it may be time to rethink practices in that area amid the rise of AI.

Fallout from the Legacy Cares deal includes bondholder lawsuits against the underwriter and bond counsel, payment defaults, a Chapter 11 bankruptcy, and now fraud charges from the SEC and DOJ.

The SEC and DOJ announced charges in connection with municipal bonds issued for the Legacy Cares sports complex in Arizona, which defaulted and went bankrupt.

SEC probe relating to a cyberattack on a Michigan township's bond sale could involve looking into whether investors are getting an accurate picture of the issuer's credit risk, a former SEC enforcement attorney said.

The case related to an attorney the firm used as a consultant in negotiations related to Puerto Rico's debt restructuring.

Hilltop and other firms say more recent SEC off-channel communications settlements eliminated "costly and burdensome" requirements that were imposed on them.

The SEC's muni office chief stopped short of saying there might be enforcement imminent.