SEC Hears G-17 Case

Hume, Lynn
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p1
Trade Publication
Major municipal and other securities issues arose on April 23, 2003 as the U.S. Securities and Exchange Commission's five members heard appeals from both sides of what is regarded as a potentially precedent-setting ruling in an enforcement case against a subsidiary of First Union Capital Markets Corp. The hearing focused on a December 1999 ruling by SEC administrative law Judge Herbert Grossman that found First Union subsidiary Wheat First Securities Inc. and Cawley violated Rule G-17 by concealing or failing to disclose to Broward County, Florida, that they had hired and paid Ronald Book, a well-known, politically connected lobbyist, to help them obtain a financial advisory contract with the county for three refundings done in 1993 and 1994.Lawyers for First Union and Cawley urged the commissioners to reverse the ruling, arguing it was flawed and unfair.


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