Blog Archives

NY-NJ Port Authority Admits Violating Federal Securities Laws

The Port Authority of New York and New Jersey is a significant participant in the capital markets with about $20 billion in debt outstanding. Tracing its history to 1921 when the two states entered into an interstate compact approved by

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This Week In Securities Litigation (Week ending August 26, 2016)

Numbers were the focus this week as the Commission filed 81 administrative proceedings (must be near fiscal year end) and two civil injunctive actions. Seventy-one of the actions involved municipal issuers who self-reported under the Municipalities disclosure initiative. Another ten

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SEC – Charter School CEO Settle Muni Bond Charges

The Commission resolved its second action arising out of undisclosed conflicts tied to a municipal bond offering used to fund construction for charter schools. SEC v. Rangel, Civil Action No. 1:16-cv-06391 (N.D. Ill. Filed June 21, 2016). Defendant Juan Rafael

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This Week In Securities Litigation (Week ending March 11, 2016)

This week the SEC brought six actions tied to the failure of a rapidly growing enterprise to maintain the proper internal controls. The agency also brought two proceedings tied to municipal bond offerings and one insider trading case. SEC Enforcement

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SEC Charges Municipal Bond Issuer, Broker With Fraud

Municipal bond offerings have become a key focus of SEC Enforcement. The agency has brought a series of actions in addition to an initiative that encourages the self-reporting of underwriters in return for reduced sanctions. The Commission’s most recent action,

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SEC Settles With 14 Municipal Bond Underwriters

The SEC filed fourteen settled actions against municipal underwriting firms this week. The settlements were part of a program that commenced in 2014 called the Municipalities Continuing Disclosure Cooperation Initiative. The program offers favorable settlement terms for municipal bond underwriters

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This Week In Securities Litigation (Week ending August 14, 2015)

A second insider trading action was brought by the Commission against a senior banking official based on the same take-over for which he was previously charged — but a different securities trading account is at the center of the new

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This Week In Securities Litigation (The week ending June 19, 2015)

The Commission chose to appeal the decision in Hill v. SEC in which the Court held that the manner in which SEC Administrative Law Judges are retained violates the Appointment Clause of the Constitution. While the Court pointed out that

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SEC Settles Bond Case Centered on Construction of Charter Schools

SEC settles a municipal bond case with the operators of charter schools

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For the SEC, a Continued Focus on the Municipal Bond Market

The SEC filed two more cases tied to the municipal bond market.

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SEC Charges City of Miami, Budget Director with Fraud

The SEC brings suit against the City of Miami and its former budget director for fraud.

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City Charged By SEC With Misrepresentations in Bond Market

The SEC brought another action against a city relating to municipal bonds.

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The SEC Charges City of Harrisburg with Fraud

SEC charges a city for the first time with fraud for non-offering material statements

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SEC Charges City and its Underwriter With Fraud

SEC Charges a City, its development authority and underwriter with fraud in connection with bond offerings

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SEC Charges State of Illinois with Misleading Investors

The SEC charged the State of Illinois with misleading investors when selling about $2.2 billion in municipal bonds over a four year period beginning in 2005. The proceeding alleges violations of Securities Act Sections 17(a)(2) and (3). In the wake

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Another Bid Rigging Indictment In The Municipal Market

The on-going investigations into bid rigging in the municipal bond market are a continuing focus for the DOJ as well as the SEC. While the number of cases brought does not match those generated by the war on insider trading

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MORE BID RIGGING CHARGES IN THE MUNY MARKET

Federal and state law enforcement officials are continuing their investigation into bid rigging and manipulation in the municipal bond market. Last week GE Funding Capital Market Services, Inc. became the latest market participant to settle. The firm resolved possible charges

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