SEC Brings First Disclosure Rule Action Against Muni Adviser
By Katryna Perera (September 23, 2021, 7:58 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday filed what it called a first-of-its-kind case against a municipal adviser and one of its principals in California federal court, alleging they unlawfully engaged in municipal advisory activities with four charter school clients.
According to the complaint, Choice Advisors LLC, which is based in Texas and Colorado, and one of its principals, Matthias O'Meara, served as municipal advisers to the schools before Choice was registered with the SEC and the Municipal Securities Rulemaking Board.
O'Meara and Choice's other principal, Paula Permenter, did not disclose this fact to the schools and also allegedly failed to disclose...
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