Muni Bond Firm Settles SEC Case Over $31M Offering

Law360, New York (July 29, 2013, 5:07 PM EDT) -- Municipal bond underwriter City Securities Corp. has agreed to pay $580,000 to settle claims by the U.S. Securities and Exchange Commission that it failed to detect false statements in an Indiana school district’s $31 million bond offering, the agency said Monday.

The SEC filed and settled separate administrative proceedings against Indianapolis-based City Securities and West Clark Community Schools. According to the agency, the school district failed to submit annual financial reports as part of a $52 million municipal bond offering in 2005. However, in a subsequent...
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