South Miami Settles SEC Bond Fraud Charges

Law360, New York (May 22, 2013, 5:35 PM EDT) -- The U.S. Securities and Exchange Commission said Wednesday that the city of South Miami, Fla., has agreed to settle charges it defrauded bond investors by misrepresenting the tax-exempt status of offerings used to finance a mixed-use retail and parking structure in its downtown commercial district.

The SEC said South Miami borrowed approximately $12 million in two pooled, conduit bond offerings through the Florida Municipal Loan Council in 2002 and 2006 to build what would be the largest municipal parking garage in its downtown commercial hub, but...
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