SEC: Miami Violated Fraud Laws, Must 'Cease and Desist'

Sigo, Shelly
March 2003
Bond Buyer;3/25/2003, Vol. 343 Issue 31600, p3
Trade Publication
The Securities and Exchange Commission (SEC) in the U.S found on March 21, 2003 that Miami officials violated securities fraud laws and ordered the city to “ cease and desist from committing or causing any violations or future violations of the antifraud provisions of the securities laws.The SEC affirmed the ruling of administrative law Judge Brenda Murray, who in June 2001 found that Miami officials misled investors in the disclosure documents of three bond issues sold in 1995 and in secondary market disclosure documents about the city's deteriorating financial condition.In 1996, Miami declared a financial emergency and Florida's governor appointed a Financial Oversight Board.


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