Miami Hit With SEC Suit Over Bond Offerings Fraud

Law360, New York (July 19, 2013, 7:33 PM ET) -- The U.S. Securities and Exchange Commission launched suit in Florida federal court Friday accusing the city of Miami of fraudulently making multimillion-dollar budget transfers and bond offerings that misled investors about the city’s deteriorating financial health.

Miami officials allegedly transferred approximately $37.5 million between 2007 and 2009 from other funds set aside for capital projects — including some restricted funds — to fill growing gaps in the general fund, which kept falling below its $100 million reserve level, the SEC contends in its 40-page complaint. By...
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Case Information

Case Title

Securities and Exchange Commission v. City of Miami et al

Case Number



Florida Southern

Nature of Suit



Cecilia M. Altonaga

Date Filed

July 19, 2013

Government Agencies