SEC alleges Harrisburg fraud

05/7/2013 | CNNMoney

Harrisburg, Pa., has agreed to settle a lawsuit brought by the Securities and Exchange Commission that alleges that the city committed fraud and misled the public about its financial condition; the city will not admit or deny guilt in the settlement. "In an information vacuum caused by Harrisburg's failure to provide accurate information about its deteriorating financial condition, municipal investors had to rely on other public statements misrepresenting city finances," the SEC's George Canellos said in a statement. The city will not have to pay any monetary penalties, and has already amended its policies to better comply with SEC regulations, said Mayor Linda Thompson.

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