News & Analysis as of

Public Officials, Financial Disclosure And A New Era Of Liability

The Securities and Exchange Commission is making it clear: Government leaders who issue misleading financial information are putting themselves at risk. Several recent actions by the Securities and Exchange Commission...more

Ninth Circuit Court of Appeals Rejects Securities Fraud Lawsuit Brought by Purchasers of Municipal Bonds

A district court granted summary judgment in favor of a city in an action by purchasers of municipal bonds who alleged federal and state securities claims against the city. The United States Court of Appeals for the Ninth...more

SEC charges municipal bond issuer and underwriter with defrauding investors

For the first time, the Securities and Exchange Commission has charged a municipal bond issuer with securities fraud for falsely claiming that it was compliant with annual disclosure obligations....more

Miami Is Latest Target of SEC Municipal Market Enforcement Actions

The Securities and Exchange Commission (SEC) recently filed an enforcement action in federal court against the City of Miami (City) and its former budget director alleging securities fraud in connection with the City’s 2007...more

SEC Charges City of Harrisburg with Fraud

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

SEC Charges Municipal Bond Issuer with Securities Fraud for Misleading Statements on Issuer’s Website

For the first time, the Securities and Exchange Commission has charged a municipality with securities fraud for misleading statements made outside of the municipality's securities disclosure documents....more

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