Miami to Pay $1 Million to Settle SEC Municipal Bond Fraud Case
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The city of Miami agreed to pay $1 million to settle a Securities and Exchange Commission lawsuit in which a federal jury ruled that the municipality defrauded bond investors by hiding the deteriorating condition of its finances.
The city and the SEC notified the court that a tentative settlement had been reached last month, and city commissioners approved it this week, according to information posted on Miami’s website. City officials have denied wrongdoing, blaming a prior administration.