SEC enforcement

The SEC recently brought its first ever enforcement actions for violating its limited offering exemption, and market participants are beginning to tighten up their policies and procedures in response.

The Commission has settled with Roberto Mejill-Tellado for acting as an unregistered broker in the scheme that defrauded the city of Mayaguez, Puerto Rico.

The Ohio-based was underwriter on 47 limited offerings, violating the Commission's limited offering exemption.

The Securities and Exchange Commission's examination priorities for the year include big ticket items like Regulation Best Interest.

BVAL marketed its bond valuation methods as sophisticated but sometimes based the valuation on a single broker quote, the SEC said.

The Securities and Exchange Commission's Public Finance Abuse Division began looking in new directions, charging five different firms with violating 15c2-12 limited offering exemptions in addition to going after issuer officials.

PNC Capital Markets has agreed to pay almost $200,000 to settle with the SEC over a failure to meet disclosure requirements in connection with 36 limited offerings.

Brandon Comer said the SEC's case alleging breach of fiduciary duty against him lacks evidence, but a federal judge refused to end the case.

Ruben James Rojas agreed to admit wrongdoing and pay a $50,000 fine after the Securities and Exchange Commission found that he misled bond investors in connection with a $100 million offering.

The Securities and Exchange Commission's FY 2022 results show the Commission filed 760 enforcement actions and recovered $6.4 billion in penalties and disgorgement, a 9% increase from FY 2021.

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.