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Municipal Securities Cases and Materials: 2011-2014

Aug. 17, 2020

Office of Municipal Securities

August 2020

This compilation of Municipal Securities Cases and Materials was prepared by the Office of Municipal Securities of the Securities and Exchange Commission. This compilation covers calendar years 2011 through 2014. The links below contain the full text of certain Commission orders/opinions, administrative law judge decisions, and litigation releases, as well as federal court decisions, involving participants in municipal securities transactions. In some instances, the linked document is a determination of fact and law following a hearing; in others, findings made by the Commission in a settled proceeding in which the named party has neither admitted nor denied the findings, but consented to entry of the order. In still other instances, such as a complaint, the document may consist of allegations.

The compilation organizes enforcement actions by relevant participants to municipal securities transactions or topics. However, inclusion under a particular heading does not limit in any manner the relevance of the document to other participants or topics.

While this compilation provides an extensive review of Commission activity in the municipal securities market for the relevant period, it does not purport to be exhaustive. It also does not include actions by private parties under the federal securities laws arising from municipal securities transactions, or Commission and private actions under the antifraud and other sections of the federal securities law arising from transactions not involving municipal securities. Such materials may also be useful to the reader.

Please visit the official Office of Municipal Securities webpage, maintained by the Commission, at www.sec.gov/municipal for more information related to the Commission’s activities regarding municipal securities.

Issuers

Commission Orders – Settled Administrative Proceedings

Federal Court Actions/Injunctive Proceedings

  • Securities and Exchange Commission v. City of Harvey, Illinois, et al., Civil Action No. 1:14-cv-4744 (N.D. Ill.) Litigation Release No. 23149 (December 5, 2014).
  • Securities and Exchange Commission v. City of Harvey, Illinois and Joseph T Letke, Case: 1:14-cv-04744 (N,D. Ill., June 24, 2014) (Complaint).
    • See Public Officials section.
  • Securities and Exchange Commission v. City of Miami, Florida and Michael Boudreaux, Civil Action No. 1:13-cv-22600 (S.D. Florida) Litigation Release No. 22753 (July 19, 2013) (Complaint).
    • See Public Officials section.
  • Securities and Exchange Commission v. City of Victorville, et al., Civil Action No. EDCV 13-776 JAK (DTBx) (C.D. Cal.) Litigation Release No. 22690 (April 29, 2013) (Complaint).
    • See Public Officials, Obligated Persons, and Underwriter sections.

Public Officials

Commission Orders – Settled Administrative Proceedings

  • In the Matter of the Greater Wenatchee Regional Events Center Public Facilities District, Allison Williams, Global Entertainment Corporation, and Richard Kozuback, Securities Act Release No. 9471, A.P. File No. 3-15602 (November 5, 2013).

Federal Court Actions/Injunctive Proceedings

  • Securities and Exchange Commission v. Kwame M. Kilpatrick, et al., Case No. 12-cv-12109 (E.D. Mich.) Litigation Release No. 22362 (May 9, 2012) (Complaint).
    • See Financial Advisor section.
  • Securities and Exchange Commission v. City of Victorville, et al., Civil Action No. EDCV 13-776 JAK (DTBx) (C.D. Cal.) Litigation Release No. 22690 (April 29, 2013) (Complaint).
  • Securities and Exchange Commission v. City of Harvey, Illinois and Joseph T Letke, Case: 1:14-cv-04744 (N.D. Ill. June 24, 2014) (Complaint).
  • Securities and Exchange Commission v. City of Miami, Florida and Michael Boudreaux, Civil Action No. 1:13-cv-22600 (S.D. Florida) Litigation Release No. 22753 (July 19, 2013) (Complaint).
  • Securities and Exchange Commission v. Gary J. Burtka, Case 2:14-cv-14278-AC-DRG (E.D. Mich., Nov. 6, 2014) (Complaint).
  • Securities and Exchange Commission v. Eric C. Waidelich, Case 2:14-cv-14279-TGB-MJH (Nov. 6, 2014) (Complaint).

Obligated Persons

Commission Orders – Settled Administrative Proceedings

Federal Court Actions/Injunctive Proceedings

  • Securities and Exchange Commission v. City of Victorville, et al., Civil Action No. EDCV 13-776 JAK (DTBx) (C.D. Cal.) Litigation Release No. 22690 (April 29, 2013) (Complaint).
  • Securities and Exchange Commission v. United Neighborhood Organization of Chicago, and UNO Charter School Network, Inc., Civil Action No.: 14-4044 (N.D. Ill., June 2, 2014) (Complaint).

Underwriters

Commission Orders – Settled Administrative Proceedings

  • In the Matter of City Securities Corporation and Randy G. Ruhl, Securities Act Release No. 9434, Securities Exchange Act Release No. 70056, Investment Company Act Release No. 30632, A.P. File No. 3-15390 (July 29, 2013).
  • In the Matter of Piper Jaffray & Co. and Jane Towery, Securities Act Release No. 9472, Securities Exchange Act Release No. 70804, A.P. File No. 3-15603 (November 5, 2013).

Federal Court Actions/Injunctive Proceedings

Financial Advisor

Commission Orders – Settled Administrative Proceedings

  • In the Matter of RBC Capital Markets, LLC (formerly known as RBC Capital Markets Corp.), Securities Act Release No. 9262, Securities Exchange Act Release No. 65404, Investment Advisers Act Release No. 3289, A.P. File No. 3-14564 (September 27, 2011).
    • See Sales Practices Section

Federal Court Action/Injunctive Proceedings

  • Securities and Exchange Commission v. Kwame M. Kilpatrick, et al., Case No. 12-cv-12109 (E.D. Mich.) Litigation Release No. 22362 (May 9, 2012) (Complaint).
  • Securities and Exchange Commission v. Stifel, Nicolaus & Co., Inc. and David W. Noack, Civil Action No. 2:11-cv-00755-AEG (E.D. Wisc., August 10, 2011) Litigation Release No. 22064 (August 10, 2011) (Complaint).
    • See Sales Practices section.

Sales Practices

Commission Orders – Settled Administrative Proceedings

Sale of Unsuitable Investments

  • In the Matter of RBC Capital Markets, LLC (formerly known as RBC Capital Markets Corp.), Securities Act Release No. 9262, Securities Exchange Act Release No. 65404, Investment Advisers Act Release No. 3289, A.P. File No. 3-14564 (September 27, 2011).

Pay-to-Play Scheme

Municipal Securities Rulemaking Board Rule G-15(f) Violations – Puerto Rico Junk Bonds[1]

Federal Court Actions/Injunctive Proceedings

Sale of Unsuitable Investments

  • Securities and Exchange Commission v. Stifel, Nicolaus & Co., Inc. and David W. Noack, Civil Action No. 2:11-cv-00755-AEG (E.D. Wisc., August 10, 2011) Litigation Release No. 22064 (August 10, 2011) (Complaint).

Bid-Rigging

Federal Court Actions/Injunctive Proceedings

  • Securities and Exchange Commission v. UBS Financial Services Inc., Case 2:11-cv-02539-WJM –MF (D.N.J. May 4, 2011) Litigation Release No. 21956 (May 4, 2011).
  • Securities and Exchange Commission v. J.P. Morgan Securities LLC, Civil Action No. 11-cv-03877-WJM-FM (D.N.J. July 7, 2011), Litigation Release No. 22031 (July 7, 2011).
  • Securities and Exchange Commission v. Wachovia Bank, N.A., now known as Wells Fargo Bank, N.A., successor by merger, Civil Action No. 2:11-cv-07135-WJM-MF (D.N.J. December 8, 2011), Litigation Release No. 22183 (December 8, 2011).
  • Securities and Exchange Commission v. GE Funding Capital Market Services, Inc., Civil Action No. 2:11-cv-07465-WJM-MF (D.N.J. December 23, 2011), Litigation Release No.22210 (December 23, 2011).

Commission Orders – Settled Administrative Proceeding

[1] For more information regarding the Commission’s initiative to enforce MSRB Rule G-15(f) within the sale of Puerto Rico junk bonds, please see the SEC Press Release.

Modified: March 7, 2023
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