South Miami becomes second city to face SEC fraud charge

05/22/2013 | Bloomberg · Wall Street Journal, The

South Miami is the second city that the Securities and Exchange Commission has charged with defrauding investors relating to municipal bond disclosures. "South Miami's fraudulent conduct put bondholders in danger of incurring significant additional costs associated with their investments," said Elaine Greenberg, the SEC's head of municipal securities enforcement. The city settled with the SEC and agreed to employ an independent consultant to review disclosure practices, but neither admitted nor denied guilt.

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Bloomberg · Wall Street Journal, The

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