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Municipal Securities Enforcement Actions

Feb. 27, 2017

In the Matter of Ford Research & Solutions, Inc. and James Ford (February 12, 2026)
In the Matter of Vertex Education – PA, LLC, f/k/a Charter Choices, LLC (January 23, 2026)

SEC Resolves Litigation Against City of Rochester, NY, its former Finance Director, and Municipal Advisor (December 30, 2024)
SEC Charges Silver Point Capital with Policy Failures Regarding Receipt of Material Nonpublic Information About Bonds Issued by Puerto Rico (December 20, 2024)
SEC Charges Municipal Advisor with Failing to Register with the Commission (November 26, 2024)
SEC Charges Municipal Advisor and its Managing Director with Failing to Timely and Fully Disclose Material Conflicts of Interest to Charter School Clients (October 24, 2024)
SEC Charges Broker-Dealer A.G.P./Alliance Global Partners, LLC for Quoting and Trading Municipal Securities At Above-Market and Unfair and Unreasonable Prices (October 16, 2024)
SEC Obtains Final Judgment Against Municipal Advisor and its Co-Founder (September 30, 2024)
SEC Charges 12 Municipal Advisors With Recordkeeping Violations (September 17, 2024)
SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures (September 3, 2024)
SEC Charges Municipal Advisor with Failing to Register with the Commission (August 27, 2024)
Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC’s Charges for Widespread Recordkeeping Failures (August 14, 2024)
SEC Charges Investment Adviser for Pay-To-Play Violation Involving a Campaign Contribution (August 19, 2024)
SEC Charges Investment Adviser for Pay-To-Play Violation Involving a Campaign Contribution (April 15, 2024)
Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures (February 9, 2024)
SEC Obtains Final Judgment Against Municipal Advisor Charged with Breaching Fiduciary Duty (January 30, 2024)
SEC Charges Chicago-based Aon Investments and Former Partner with Misleading Pennsylvania Public Employees’ Pension Fund (January 25, 2024)

SEC Obtains Final Judgment Against Former Mayor in Municipal Bond Offering Scheme (November 6, 2023)
SEC Files Settled Fraud Charges Against New Orleans-Based Auditor and Its Principal (September 29, 2023)
SEC Charges Municipal Advisor and Its Principal with Breach of Duty of Care (September 25, 2023)
SEC Charges Fifth Third Securities, Inc. for Violating Municipal Bond Disclosure Law (July 18, 2023)
SEC Charges Municipal Advisor with Failing to Register with the Commission (June 30, 2023)
In the Matter of Keybanc Capital Markets Inc. (March 7, 2023)

SEC Charges PNC Capital Markets LLC for Violating Municipal Bond Disclosure Law (December 21, 2022)
SEC Charges Four Investment Advisers for Pay-To-Play Violations Involving Campaign Contributions (September 15, 2022)
SEC Charges Loop Capital Markets in First Action against Broker-Dealer for Violating Municipal Advisor Registration Rule (September 14, 2022)
SEC Charges Four Underwriters in First Actions Enforcing Municipal Bond Disclosure Law (September 13, 2022)
SEC Charges Municipal Advisor and Broker to Charter Schools With Failing to Register With The Commission (September 9, 2022)
SEC Charges Former Texas City Official for Falsifying City's Financial Documents (June 16, 2022)
SEC Charges Rochester, NY, and City’s Former Executives and Municipal Advisor with Misleading Investors (June 14, 2022)
SEC Charges Louisiana Town and Former Mayor with Fraud in Two Municipal Bond Deals (June 2, 2022)
SEC Charges Texas School District and its Former CFO with Fraud in $20 Million Bond Sale (March 16, 2022)

SEC Charges Firm and Two Principals in First-Ever Actions Enforcing Rule on Duties of Municipal Advisors (September 23, 2021)
RBC Charged With Failing to Give Priority to Retail and Institutional Investors in Municipal Offerings (September 17, 2021)
SEC Charges School District and Former Executive with Misleading Investors in Bond Offering (September 16, 2021)
SEC Charges Former Municipal Bond Salesperson with Fraud (August 31, 2021)
SEC Charges Underwriter and Its Former CEO With Misconduct In Muni Bond Tender Offer (August 26, 2021)
SEC Obtains Final Judgment Against Former Mayor in Muni Bond Pay-To-Play Scheme (August 9, 2021)
SEC Obtains Final Judgment Against Former Mayor in Muni Bond Pay-to-Play Scheme (July 26, 2021)
SEC Charges Hilltop Securities and Trader for Misconduct in Municipal Offerings (July 9, 2021)
SEC Charges Two Former KPMG Auditors for Improper Professional Conduct During Audit of Not-for-Profit College (February 23, 2021)

SEC Charges First Midstate, Inc. and Owner Paul D. Brown with Unfair Conduct in Connection with Municipal Underwritings (December 22, 2020)
SEC Charges Charter School Municipal Advisor with Failing to Register with the Commission (September 25, 2020)
SEC Charges Former Jefferies Registered Representative for Improper Retail Orders in Municipal Bond Offerings (September 22, 2020)
SEC Charges Charter School Operator and its Former President With Fraudulent Municipal Bond Offering (September 14, 2020)
SEC Charges Roosevelt & Cross and Two of Its Salespeople for Retail Order Period Misconduct in Municipal Offerings (September 14, 2020)
SEC Obtains Summary Judgment Against Municipal Bond "Flippers" (August 24, 2020)
SEC Obtains Summary Judgment Against Municipal Bond “Flippers” (August 17, 2020)
UBS to Pay $10 Million for Violating Rules Which Give Priority To Retail Investors in Municipal Offerings (July 20, 2020)
In the Matter of Jerry E. Orellana (April 30, 2020)
SEC Charges Two California Charter School Officials with Misleading Investors in Bond Offering (April 27, 2020
In the Matter of Boenning & Scattergood Inc., Craig Burdulis and Brian Gillespie (April 16, 2020)

SEC Obtains Final Judgments in Pay-To-Play Scheme (December 26, 2019)
SEC Charges Los Angeles County School District and Two Officials with Defrauding Investors in $100 Million Bond Offering (September 19, 2019)
In the Matter of Montebello Unified School District and Anthony James Martinez (Sept. 19, 2019)
SEC Charges Morgan Stanley for Recommending Unsuitable Municipal Bond Transactions (September 17, 2019)
SEC Charges Former Municipal Bond Trader in Fraudulent Retail Order Scheme (September 3, 2019)
Municipal Advisor and Solicitors Charged with Registration Violations (July, 16, 2019)
SEC Charges Municipal Advisor with Breaching Fiduciary Duty (June 27, 2019)
In the Matter of IFS Securities (June 27, 2019)
Town of Oyster Bay, New York, Agrees to Settle SEC Charges (June 7, 2019)
In the Matter of Clear Scope Advisors, Inc. (April 11, 2019)
SEC Charges College Official for Fraudulently Concealing Financial Troubles From Municipal Bond Investors (Mar. 28, 2019)
Court Penalizes Wells Fargo Securities for Disclosure Failures in 38 Studios Bond Offering (Mar. 20, 2019)
SEC Charges Former Municipal Officer with Fraud in Connection with Public Pension Funds (Mar. 15, 2019)

Cases and Materials Supplement (2019 – 2024)
Cases and Materials Supplement (MCDC Initiative)
Cases and Materials Supplement (2015 – 2018)
Cases and Materials Supplement (2011 – 2014)
Cases and Materials Supplement (2004 – 2010)
Cases and Materials Supplement (2002 – 2003)
Cases and Materials Supplement (2000 – 2001)
Cases and Materials (1967 – 1999)

Last Reviewed or Updated: Feb. 13, 2026