SEC to charge city of Miami with misleading bond investors

[Mika]

SEC to charge city of Miami with misleading bond investors

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The U.S. Securities and Exchange Commission has notified Miami that, for the second time in 12 years, the federal agency intends to file civil charges against the city for engaging in questionable budget transfers that misled bond investors.

Miami expects to receive a letter as early as Friday from the SEC informing the city of the charges, Mayor Tomás Regalado and City Commissioner Francis Suarez confirmed to the Miami Herald.

The charges, to be filed as an SEC enforcement action, are likely to include a cease-and-desist order and possible civil fines. The complaint might also single out former city officials for liability.

Read more here: http://www.miamiherald.com/2013/07/19/3509271/mayor-sec-to-charge-city-of-miami.html