On June 29, 2018 Judge Halil Suleyman Ozerden of the Southern District of Mississippi entered judgments against Malachi Financial Products, Inc., and its president and sole shareholder, Porter B. Bingham, for alleged...more
7/12/2018
/ Conflicts of Interest ,
False Billing ,
MSRB ,
Municipal Advisers ,
Municipal Bonds ,
Permanent Injunctions ,
Public Finance ,
Registration ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
On May 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced it charged a registered municipal advisor (the "MA Firm") and its owner (the "MA Owner") with defrauding their client, a Texas school district, in...more
5/14/2018
/ Breach of Duty ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Disclosure Requirements ,
Disgorgement ,
Enforcement Actions ,
Fiduciary Duty ,
Municipal Advisers ,
Municipal Bonds ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On March 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in U.S. District Court for the Eastern District of New York (“Court”) charging Leonard Genova, town attorney and deputy supervisor for...more
3/7/2018
/ Criminal Investigations ,
Department of Justice (DOJ) ,
FBI ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Permanent Injunctions ,
Rule 10(b) ,
Rule 10b-5 ,
Section 17(a) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Settlement Agreements
The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more
1/8/2018
/ Aiding and Abetting ,
Breach of Duty ,
Fiduciary Duty ,
MSRB ,
Municipal Advisers ,
Municipal Bonds ,
Permanent Injunctions ,
Registration ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
On December 1, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Northern District of Illinois charging David Webb, Jr. (“Webb”), mayor of Markham, Illinois from...more
12/6/2017
/ Anti-Fraud Provisions ,
Bribery ,
Construction Contracts ,
Department of Justice (DOJ) ,
Pay-To-Play ,
Rule 10(b) ,
Rule 10b-5 ,
Section 17(a) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud
On November 21, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint charging Oyster Bay, New York (the “Town”), along with its former Supervisor and Chief Executive Officer, John Venditto, with...more
11/27/2017
/ Aiding and Abetting ,
False Statements ,
Indictments ,
Municipal Bonds ,
Municipal Securities Issuers ,
Rule 10(b) ,
Rule 10b-5 ,
Section 17(a) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Wire Fraud
On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. As...more
7/22/2016
/ Bids ,
Cease and Desist ,
Civil Monetary Penalty ,
Confidential Information ,
Corporate Executives ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Injunctive Relief ,
MSRB ,
Municipal Advisers ,
Rule G-17 ,
School Districts ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement Offer ,
Unfair or Deceptive Trade Practices
Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more
On July 29, 2013, the Securities and Exchange Commission announced that it had charged an Indiana school district and its underwriter with securities fraud for falsely stating in a 2007 offering document that the issuer was...more