SEC Nets 1st Fine Of Municipal Bond Issuer

Law360, New York (November 5, 2013, 5:07 PM EST) -- For the first time in agency history, the U.S. Securities and Exchange Commission has fined a municipal bond issuer, levying a $20,000 penalty against a regional municipal corporation in Washington state for misleading investors about the development of an ice-hockey arena, the commission said Tuesday.

The SEC claims the Greater Wenatchee Regional Events Center Public Facilities District, which was formed in 2006 by nine cities and counties to fund the Town Toyota Center in central Washington, failed to disclose financial projections about the arena’s economic viability....
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