SEC enforcement

The City of Rochester, New York, and its former finance director appear set in fighting SEC charges that they defrauded investors in connection with a 2019 bond offering.

Dave Sanchez urged local officials to be wary of certain structures that proved unprofitable during the last downturn.

An audience poll during the National Association of Bond Lawyers' Workshop indicated that offering and disclosure fraud were among the highest concerns for the muni market.

Illinois-based broker dealer Ronald Molo has been fined $815,104 in disgorgement and prejudgment interest and has been permanently enjoined from participating in the issuance, purchase, offer or sale of any security.

Aaron Fletcher and his firm Twin Spires Financial have entered a final judgment with the Securities and Exchange Commission over their role in two allegedly fraudulent offerings and a failure to register as a municipal advisor.

The SEC has charged Chicago-based broker-dealer Loop Capital with providing advice to a municipal entity without registering as a municipal advisor

Municipal advisor Matthias O'Meara and his firm Choice Advisors' move to dismiss the SEC's first ever charges under MSRB Rule G-42 failed.

The SEC has charged Oppenheimer in a litigated action and settled with BNY Mellon, TD Securities and Jefferies for failing to comply with municipal bond disclosure requirements.

Vern Breland is representing himself, and told a court he relied on his municipal advisor.

The SEC is opposing municipal advisor Brandon Comer's request for a summary judgment in a case, where the Commission alleged Comer breached his fiduciary duty.

Officials are aiming by fall to finalize a bond exchange offer that would restructure general obligation bonds and resolve a legal dispute with bondholders.

The SEC’s Public Finance Abuse Unit has brought four enforcement cases against municipal issuers this year, which signals a shift from the usual focus on underwriters and municipal advisors.

Park View School Inc., a charter school operator in Prescott Valley, has filed for bankruptcy following years of financial mismanagement and a lawsuit from the SEC.

It's the third time this month that the SEC has announced charges against city officials for disclosure-related violations.

The Securities and Exchange Commission has charged the City of Rochester, New York, its former finance director, former CFO and their municipal advisor with misleading investors in a $119 million bond offering.

Issuers need to be careful with bonds specifically marketed as green, said the head of Office of Municipal Securities.

The SEC charged the town, former mayor Vern Breland, municipal adviser Twin Spires Financial and its owner Aaron Fletcher with misleading investors in connection with bond offerings in 2017 and 2018.

The Securities and Exchange Commission’s Division of Examinations intends to home in on municipal advisor obligations, transfer agents and municipal issuer disclosures.

The Securities and Exchange Commission has charged Texas' Crosby Independent School District and two individuals in connection with the school district’s 2017 fiscal year financial statements.

The SEC terminated its latest proceedings against the city after an independent consultant found the city was in "substantial compliance" with a 2014 judgment.