Harrisburg Demonstrates Danger Of Public Statements

Law360, New York (May 20, 2013, 12:03 PM EDT) -- On May 6, 2013, the U.S. Securities and Exchange Commission issued a report of investigation that included a warning to public officials to "be mindful that their public statements, whether written or oral, may affect the total mix of information available to investors, and should understand that these public statements, if they are materially misleading or omit material information, can lead to potential liability under the anti-fraud provisions of the federal securities laws." The report accompanied an order instituting a settled cease-and-desist proceeding against the city of Harrisburg, Pa., for violating Securities and Exchange Act anti-fraud rules.[1]

Anti-fraud Provisions

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