Miami Wants To Settle SEC Probe Into Bond Offerings

Law360, New York (August 10, 2012, 2:13 PM EDT) -- The city of Miami has offered to settle the U.S. Securities and Exchange Commission's investigation into whether it misled investors before selling them bonds.

In a letter dated Aug. 6, Miami officials insisted they did not deceive investors ahead of bond offerings in 2007 and 2008, but because they cannot afford to litigate the case, they said they would prefer to settle with the SEC. Last month, SEC staffers said they would recommend the commission sue Miami over some $26 million the city transferred from its...
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