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Securities and Exchange Commission v. City of Miami et al

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Case Number:

1:13-cv-22600

Court:

Florida Southern

Nature of Suit:

Securities/Commodities

Judge:

Cecilia M. Altonaga

Government Agencies

  1. January 27, 2017

    Miami Budget Director Denied $38M Bond Rating Fraud Retrial

    A Florida federal judge on Friday refused a bid by Miami's former budget director to overturn a jury's finding that he violated securities laws by helping the city with $38 million in improper transfers aimed at improving its bond rating, saying the verdict was backed by sufficient evidence.

  2. January 04, 2017

    Ex-Miami Official Seeks New Trial In SEC Fraud Case

    Miami's former budget director is challenging a federal jury's finding that he violated securities laws by helping the city with $38 million in improper transfers aimed at improving its bond rating, pointing to alleged flaws in the U.S. Securities and Exchange Commission's case against him.

  3. December 05, 2016

    Judge Slashes SEC Sanctions Bid Against Ex-Miami Director

    A Florida federal judge on Monday called the U.S. Securities and Exchange Commission's request for a $450,000 sanction against a former Miami budget director "overreaching and punitive," slapping him instead with a $15,000 fine for helping the city with $38 million in improper transfers aimed at improving its bond rating.

  4. November 15, 2016

    Ex-Miami Budget Director Calls SEC's $450K Sanction Unfair

    A former Miami budget director who helped the city with $38 million in improper transfers aimed at improving its bond ratings blasted the U.S. Securities and Exchange Commission on Monday for requesting a $450,000 sanction against him.

  5. October 13, 2016

    Miami Agrees To $1M Penalty To End SEC Bond Fraud Suit

    As Miami's City Commission voted Thursday to pay $1 million to settle litigation over $38 million in improper transfers aimed at improving the city's bond ratings, a Florida appeals court revived a suit by the city's former auditor who claims he was fired for blowing the whistle on the securities violations.

  6. September 14, 2016

    SEC Beats Miami In $38M Bond Rating Fraud Trial

    A Florida federal jury on Wednesday found the city of Miami and its former budget director played a $38 million "shell game" with bond investors and lied to the public about the city's financial health, agreeing with the U.S. Securities and Exchange Commission on nearly every count over allegedly improper transfers.

  7. August 30, 2016

    Finance Reports Misleading, Ex-Miami City Manager Testifies

    A former Miami city manager testified Tuesday in a securities fraud trial against the city that he was shocked to learn several projects had still incurred expenses years after purported unused funds were transferred away from them to paint a rosier portrait of the city's financial health.

  8. August 29, 2016

    SEC Tells Jury Miami Duped Investors With $38M 'Shell Game'

    The U.S. Securities and Exchange Commission told a federal jury Monday that the city of Miami and its former budget director played a $38 million "shell game" with bond investors and lied to the public with fund transfers the city countered were "perfectly legal."

  9. July 05, 2016

    SEC, Miami Headed To Trial In $38M Bond Rating Fraud Suit

    U.S. Securities and Exchange Commission claims that Miami city officials made $38 million in wrongful transfers to get favorable rates on bond offerings are headed toward trial after a Florida federal judge Tuesday found too much in dispute to rule for either side based on the existing record.

  10. June 20, 2016

    SEC Says Miami Can't Escape $38M Bond Rating Fraud Suit

    The U.S. Securities and Exchange Commission said Friday a federal court should reject Miami's request to toss its claims that city officials made $38 million in wrongful transfers to get favorable rates on bond offerings, saying the city failed to demonstrate undisputed facts and misconstrued the case.