SEC enforcement

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.

Officials from multiple regulators came together on Thursday for a detailed discussion about municipal advisory regulation.

Erring on the side of caution and good documentation are key to managing conflicts of interest

A firm and its two principals have been charged for an improper fee-splitting arrangement under the relatively new regulatory regime for municipal advisors.

RBC and two muni managers settled charges of flipping bonds in the SEC's latest action targeting abuse of retail order periods.

The Securities and Exchange Commission settled with the Sweetwater Union High School District as well as former Chief Financial Officer Karen Michel.

The settled proceeding against Anthony Falsetta, announced Tuesday, is the latest in a string of SEC cases targeting violations of retail order periods.

The trouble stems from a West Virginia tender offer deal Crews & Associates recommended to an issuer.

Former Markham, Illinois, Mayor David Webb Jr. was accused of pocketing bribes for a project financed with bonds. He also pled guilty to criminal charges.

FirstEnergy will pay $230 million under a deferred prosecution agreement with federal authorities in the alleged pay-to-play that benefitted its former subsidiary FirstEnergy Solutions.

Jose Ramirez says he doesn't recognize the criminal mastermind portrayed in the SEC's complaint against him.

SEC Chair Gary Gensler's pick for enforcement director resigned just days after being announced.

The surprise move was announced Wednesday in a Securities and Exchange Commission statement.