SEC Settles Charges with Foreign Utility for Selling Unregistered Bonds in U.S.

The SEC settled charges with an Ethiopian electric utility for failing to register bonds that the utility offered and sold to U.S. residents. The utility agreed to pay $5,847,804 in disgorgement and $601,050.87 in prejudgment interest.

Lofchie Comment: Firms should be particularly mindful of the registration status of securities issued by non-U.S. governmental entities.