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Cady Bar the Door Insight & Commentary on SEC Enforcement Actions and Related Issues

Category Archives: Municipal Securities

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For Municipal Bond Issuers, SEC’s New Cooperation Initiative Could Be a Good Idea (Unless It’s a Bad Idea)

Posted in Municipal Securities, Whistleblowers

You know how every few years libraries will offer an amnesty program and give delinquent borrowers a chance to bring in their old books without prohibitive late fines?  The SEC is sort of trying out that approach with its new Municipalities Continuing Disclosure Cooperation (MCDC) Initiative™. Rule 15c2-12 Some brief background here:   Rule 15c2-12 generally… Continue Reading

SEC Charges Wachovia with Section 17(a) Generally

Posted in Municipal Securities

The SEC’s Municipal Securities and Public Pensions Unit brought a fairly significant municipal securities bid-rigging case against Wachovia on December 8th. According to the SEC’s complaint and press release, Wachovia won bids for business by “fraudulently rigg[ing] at least 58 municipal bond reinvestment transactions in 25 states and Puerto Rico.”  The bank did this in two… Continue Reading