Securities law

A former municipal advisor accused of billing a city thousands of dollars for services it did not receive is now facing criminal fraud charges.

Ahmed Abonamah, a senior counsel to the director in the SEC’s Office of Municipal Securities, told the National Muni Bond Summit SEC Chair Jay Clayton has concerns about the timeliness of issuers’ financial information disclosure.

The lawsuit filed in federal court is now the second national suit alleging fraud in the variable-rate debt market.

Mid-size issuers may be experiencing the greatest impact, with one municipality even reporting that an underwriter withdrew a bid over a disclosure requirement.

A Chicago area broker-dealer agreed to pay a $25,000 to settle FINRA charges that it relied on alternative trading systems and failed to maintain its own risk-management controls.

The new amendments would increase transparency and equal access to information, the MSRB said.

Longtime muni lobbyist Michael Decker will now have a working relationship with Bond Dealers of America.

While associated with J.P. Morgan, a broker allegedly cheated on her Series 52 exam, violating FINRA Rule 2010.

Banker Peter Cannava may be left to battle on alone, after the Securities and Exchange Commission and Wells Fargo told a federal court they have an agreement.

Underwriting, transaction and technology fees will be reduced during a six-month period.