SEC enforcement

The defendants believe the charges are lacking on numerous levels while the SEC argued that fee-splitting is a clear and known rule violation.

Todd Cipperman, founding principal of Cipperman Compliance Services, talks with Chip Barnett about compliance and disclosure and regulation by the federal government in 2022. (42 minutes)

Unregistered municipal advisor activity and breaches of fiduciary duty remain priorities.

The defendants are raising questions about due process and the definition of fee-splitting arrangements.

"The vast majority of muni issuers are trying to do the right thing,” Zehner said. “The vast majority of underwriters and municipal advisors are trying to do the right thing.”

Following the news that Rebecca Olsen, former director of the Office of Municipal Securities has moved to deputy chief in place of Mark Zehner, the Securities and Exchange Commission has named Ernesto Lanza as acting director.

The Securities and Exchange Commission has charged an Illinois-based broker with defrauding three investors out of $800,000 by luring them into investing in nonexistent tax-exempt bonds.

The Securities and Exchange Commission has obtained a final judgment against John Paulsen, a broker-dealer charged with aiding and abetting a pay-to-play scheme with the New York State Common Retirement Fund.

The Commission’s enforcement results highlight the importance of proper disclosure.

The presence of unregistered — and potentially unqualified — advisors providing municipal advisory services to state and local governments and other municipal entities is a cause for concern and greater regulatory scrutiny.