Recent Municipal Securities Enforcement Actions

• SEC Charges Municipal Advisor with Failing to Register with the Commission (November 26, 2024)
• SEC Charges Municipal Advisor and its Managing Director with Failing to Timely and Fully Disclose Material Conflicts of Interest to Charter School Clients (October 24, 2024)
• SEC Charges Broker-Dealer A.G.P./Alliance Global Partners, LLC for Quoting and Trading Municipal Securities At Above-Market and Unfair and Unreasonable Prices (October 16, 2024)
• SEC Obtains Final Judgment Against Municipal Advisor and its Co-Founder (September 30, 2024)
• SEC Charges 12 Municipal Advisors With Recordkeeping Violations (September 17, 2024)
• SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures (September 3, 2024)
• SEC Charges Municipal Advisor with Failing to Register with the Commission (August 27, 2024)
• Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC’s Charges for Widespread Recordkeeping Failures (August 14, 2024)
• In the Matter of Montebello Unified School District and Anthony James Martinez (Sept. 19, 2019)
• SEC Charges Investment Adviser for Pay-To-Play Violation Involving a Campaign Contribution (August 19, 2024)
• SEC Charges Investment Adviser for Pay-To-Play Violation Involving a Campaign Contribution (April 15, 2024)
• Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures (February 9, 2024)
• SEC Obtains Final Judgment Against Municipal Advisor Charged with Breaching Fiduciary Duty (January 30, 2024)
• SEC Charges Chicago-based Aon Investments and Former Partner with Misleading Pennsylvania Public Employees’ Pension Fund (January 25, 2024)
• SEC Obtains Final Judgment Against Former Mayor in Municipal Bond Offering Scheme (November 6, 2023)
• SEC Files Settled Fraud Charges Against New Orleans-Based Auditor and Its Principal (September 29, 2023)
• SEC Charges Municipal Advisor and Its Principal with Breach of Duty of Care (September 25, 2023)
• SEC Charges Fifth Third Securities, Inc. for Violating Municipal Bond Disclosure Law (July 18, 2023)
• SEC Charges Municipal Advisor with Failing to Register with the Commission (June 30, 2023)
• In the Matter of Keybanc Capital Markets Inc. (March 7, 2023)
• SEC Charges PNC Capital Markets LLC for Violating Municipal Bond Disclosure Law (December 21, 2022)
• SEC Charges Four Investment Advisers for Pay-To-Play Violations Involving Campaign Contributions (September 15, 2022)
• SEC Charges Loop Capital Markets in First Action against Broker-Dealer for Violating Municipal Advisor Registration Rule (September 14, 2022)
• SEC Charges Four Underwriters in First Actions Enforcing Municipal Bond Disclosure Law (September 13, 2022)
• SEC Charges Municipal Advisor and Broker to Charter Schools With Failing to Register With The Commission (September 9, 2022)
• SEC Charges Former Texas City Official for Falsifying City's Financial Documents (June 16, 2022)
• SEC Charges Rochester, NY, and City’s Former Executives and Municipal Advisor with Misleading Investors (June 14, 2022)
• SEC Charges Louisiana Town and Former Mayor with Fraud in Two Municipal Bond Deals (June 2, 2022)
• SEC Charges Texas School District and its Former CFO with Fraud in $20 Million Bond Sale (March 16, 2022)
• SEC Charges Firm and Two Principals in First-Ever Actions Enforcing Rule on Duties of Municipal Advisors (September 23, 2021)
• RBC Charged With Failing to Give Priority to Retail and Institutional Investors in Municipal Offerings (September 17, 2021)
• SEC Charges School District and Former Executive with Misleading Investors in Bond Offering (September 16, 2021)
• SEC Charges Former Municipal Bond Salesperson with Fraud (August 31, 2021)
• SEC Charges Underwriter and Its Former CEO With Misconduct In Muni Bond Tender Offer (August 26, 2021)
• SEC Obtains Final Judgment Against Former Mayor in Muni Bond Pay-To-Play Scheme (August 9, 2021)
• SEC Obtains Final Judgment Against Former Mayor in Muni Bond Pay-to-Play Scheme (July 26, 2021)
• SEC Charges Hilltop Securities and Trader for Misconduct in Municipal Offerings (July 9, 2021)
• SEC Charges Two Former KPMG Auditors for Improper Professional Conduct During Audit of Not-for-Profit College (February 23, 2021)
• SEC Charges First Midstate, Inc. and Owner Paul D. Brown with Unfair Conduct in Connection with Municipal Underwritings (December 22, 2020)
• SEC Charges Charter School Municipal Advisor with Failing to Register with the Commission (September 25, 2020)
• SEC Charges Former Jefferies Registered Representative for Improper Retail Orders in Municipal Bond Offerings (September 22, 2020)
• SEC Charges Charter School Operator and its Former President With Fraudulent Municipal Bond Offering (September 14, 2020)
• SEC Charges Roosevelt & Cross and Two of Its Salespeople for Retail Order Period Misconduct in Municipal Offerings (September 14, 2020)
• SEC Obtains Summary Judgment Against Municipal Bond "Flippers" (August 24, 2020)
• SEC Obtains Summary Judgment Against Municipal Bond “Flippers” (August 17, 2020)
• UBS to Pay $10 Million for Violating Rules Which Give Priority To Retail Investors in Municipal Offerings (July 20, 2020)
• In the Matter of Jerry E. Orellana (April 30, 2020)
• SEC Charges Two California Charter School Officials with Misleading Investors in Bond Offering (April 27, 2020
• In the Matter of Boenning & Scattergood Inc., Craig Burdulis and Brian Gillespie (April 16, 2020)
• SEC Obtains Final Judgments in Pay-To-Play Scheme (December 26, 2019)
• SEC Charges Los Angeles County School District and Two Officials with Defrauding Investors in $100 Million Bond Offering (September 19, 2019)
• SEC Charges Morgan Stanley for Recommending Unsuitable Municipal Bond Transactions (September 17, 2019)
• SEC Charges Former Municipal Bond Trader in Fraudulent Retail Order Scheme (September 3, 2019)
• Municipal Advisor and Solicitors Charged with Registration Violations (July, 16, 2019)
• SEC Charges Municipal Advisor with Breaching Fiduciary Duty (June 27, 2019)
• In the Matter of IFS Securities (June 27, 2019)
• Town of Oyster Bay, New York, Agrees to Settle SEC Charges (June 7, 2019)
• In the Matter of Clear Scope Advisors, Inc. (April 11, 2019)
• SEC Charges College Official for Fraudulently Concealing Financial Troubles From Municipal Bond Investors (Mar. 28, 2019)
• Court Penalizes Wells Fargo Securities for Disclosure Failures in 38 Studios Bond Offering (Mar. 20, 2019)
• SEC Charges Former Municipal Officer with Fraud in Connection with Public Pension Funds (Mar. 15, 2019)

Historical Municipal Securities Enforcement Cases

• Cases and Materials Supplement (2019 – 2024)
• Cases and Materials Supplement (MCDC Initiative)
• Cases and Materials Supplement (2015 – 2018)
• Cases and Materials Supplement (2011 – 2014)
• Cases and Materials Supplement (2004 – 2010)
• Cases and Materials Supplement (2002 – 2003)
• Cases and Materials Supplement (2000 – 2001)
• Cases and Materials (1967 – 1999)