SEC enforcement

Investors are likely to lose millions whether the Atlanta-based financier continues under a court-appointed monitorship or not.

Brogdon's high personal spending and failure to sell his assets spell an end to the usefulness of his repayment plan, the SEC told a federal judge.

The new events became effective in late February, and hundreds of Event 15 disclosures have filed in, with just a handful of Event 16 filings.

The judge ruled for Peter Cannava, who had denied wrongdoing even after Wells Fargo and other defendants settled charges.

The Securities and Exchange Commission agreed to settle with Oyster Bay, New York, and are awaiting a district court judge's approval.

The new money ordered Wednesday comes from the SEC’s settlement with Brogdon Family LLC (BFLLC), a separate legal entity controlled by the former nursing home developer.

On Wednesday, the SEC approved the final rule 3-1, with Commissioner Robert Jackson voting against the rule.

Abonamah will oversee the municipal securities office's strategic initiatives in his new role.

The financier's lawyers disputed a court-appointed monitor who had criticized him for maintaining an expensive lifestyle while his investors faced losses.

J.W. Korth & Co. was found to have charged excessive markups in 38 sales of municipal securities.

“Brogdon's substantial and ongoing failure to comply with the plan and court orders are egregious and ongoing,” a court-appointed monitor reported.

Bond Dealers of America members said they have spent an average of more than $17 million on regulatory costs since the beginning of the 2008 credit crisis.

The court shouldn't accept banker Peter Cannava's "narrow and cramped view of materiality,” the SEC urged.

The SEC now has a stronger card to play when pursuing an enforcement case, lawyers said.

Cannava argues that emails, witness statements, and other evidence cast doubt on the SEC's claims that he acted recklessly.

Former college official Keith Borge was charged Thursday with defrauding municipal securities investors and concealing the school’s crumbling finances.

Ahmed Abonamah, a senior counsel to the director in the SEC’s Office of Municipal Securities, told the National Muni Bond Summit SEC Chair Jay Clayton has concerns about the timeliness of issuers’ financial information disclosure.

Mid-size issuers may be experiencing the greatest impact, with one municipality even reporting that an underwriter withdrew a bid over a disclosure requirement.

Former Macon-Bibb County Manager Dale Walker agreed to settle charges he gave an advantage to an investment adviser the SEC said he was pursuing romantically.

The groups believe the MSRB cast too wide a net to non-syndicate dealers in its January draft guidance.