SEC enforcement

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.

The agency's figures represent the most actions filed in their respective periods since at least 2000.

The resolution marks the end of a yearslong lawsuit.

Silver Point says it has done nothing wrong, and has retained prominent legal figures for its defense.

The Commission credits its work this year partially to the willingness of market participants to self report and cooperate with investigations.

The city faces no monetary penalty or monitorship in the final judgment in what those involved are calling an unprecedented move for SEC litigation.

The SEC has charged Thrivent Investment Management for failing to comply with Regulation Best Interest's care and compliance obligation in connection with recommendations to retail investors in 529 Savings Plans.

The U.S. District Court for the Southern District of California entered a final judgment against Matthias O'Meara and Choice Advisors, fining them $312,572 and $187,337, respectively.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.

The Supreme Court decision in SEC v. Jarkesy held that Congress can't force regulated entities to defend themselves in the SEC's in-house court, but likely won't change much for the Public Finance Abuse Unit.

The use of unregistered municipal advisors in the public-private partnership sector can lead to unnecessarily expensive deals for cities and states, said SEC's Dave Sanchez.

Ex-IFS Securities head of fixed income Keith Wakefield committed criminal securities and wire fraud from 2017 to 2019, a federal jury in Illinois found.

Brandon Comer and his firm Comer Capital Group have to pay the sum as part of a final judgment reached in federal court in Illinois.

Capital Markets Advisors and its co-principals Richard Ganci and Richard Tortora are caught up in a legal back and forth with the SEC over how MSRB Rule G-42 on conflicts of interest applies to their case.

Bond Buyer Executive Editor Kyle Glazier discusses the coming year in D.C. with Bond Dealers of America's Brett Bolton. (15 minutes)

Vern Breland has agreed to pay a $35,000 fine and is permanently barred from participating in future municipal securities offerings.

"Nothing is off the table in terms of looking at who we can potentially charge," said Brian Fagel, assistant director of the SEC's Public Finance Abuse Unit.