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Former Miami, Fla. budget director Michael Boudreaux is seeking a rehearing before a full federal court of appeals after a three-judge panel earlier this year denied his claim of immunity from a Securities and Exchange Commission lawsuit.
November 4 -
The Securities and Exchange Commission today sanctioned 13 firms for improperly selling Puerto Rico bonds in denominations below a $100,000 minimum denomination set in a $3.5 billion offering earlier this year.
November 3 -
Claims against UBS from Puerto Rican investors have surged to $900 million, the group said Tuesday in its third-quarter earnings report.
October 30 -
Convicted bid-riggers Peter Ghavami, Michael Welty, and Gary Heinz are urging a federal appeals court to overturn a lower court's decision on the basis of an expired statute of limitations, improper testimony, and other alleged errors in their earlier trial, but the federal government is arguing the lower court was correct to punish the former UBS AG executives.
October 30 -
The Government of the U.S. Virgin Islands and the Virgin Islands Public Finance Authority filed a lawsuit this week against their former bond counsel and financial advisor, alleging they were negligent when they advised that $219.49 million of bonds issued in 2006 would be tax exempt.
October 23 -
The Municipal Securities Rulemaking Board is proposing to establish limits on the gifts and non-cash benefits municipal advisors can provide in their professional capacities.
October 23 -
The Bond Dealers of America is urging the Securities and Exchange Commission to crack down on non-dealer municipal advisors acting as unlicensed broker-dealers by assisting municipalities in placing their debt through the direct placement markets.
October 20 -
The Securities and Exchange Commission said that new technology and investigative techniques led to a strong fiscal 2014 enforcement year, including municipal bond cases.
October 16 -
Public officials who have traditionally believed that they are safe from Securities and Exchange Commission action if they avoid exchanges of favor should think again in the face of increased SEC focus on anti-corruption efforts, former commission enforcement lawyer Peter Chan said.
October 16 -
The Financial Industry Regulatory Authority fined two firms a total of $28,500 for violations of municipal securities rules, including excessive markups and trade reporting failures.
October 15