Jul 19

City Of Miami Faces SEC Fraud Charges Over Bonds

Posted in: Today's Chili

MIAMI — The Securities and Exchange Commission is charging the city of Miami and its former budget director with securities fraud, according to a civil complaint filed Friday in federal court.

George S. Canellos, co-director of the SEC’s Division of Enforcement, said in a news release that the city of Miami actively marketed bonds to investors while hiding the true reason for moving around approximately $37.5 million in city funds.

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