Struggling Pa. Capital Settles SEC’s Securities Fraud Suit

Law360, New York (May 6, 2013, 6:50 PM EDT) -- Harrisburg, the near-bankrupt capital of Pennsylvania, has agreed to settle a securities fraud suit brought by the U.S. Securities and Exchange Commission over misleading public statements it issued as the city’s financial condition was tanking, the SEC said Monday.

The SEC said an investigation revealed that Harrisburg’s misleading statements were made in the city’s annual and midyear financial statements, its budget reports and in a state-of-the-city address. The city also made incomplete or outdated financial information available to investors holding hundreds of millions of dollars worth of...
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