SEC Charges City of South Miami with Defrauding Investors (with Lofchie Comment)

The SEC charged the City of South Miami, FL, with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district.

Lofchie Comment: This is at least the fourth enforcement action brought against governmental entities for misconduct in connection with securities offerings in a relatively short period. It's clearly past the trend stage. This news item links to the prior enforcement actions.

See: Complaint.See also: Press Release.