I recently was interviewed by reporter Hallie Lauer at the Pittsburgh Post-Gazette regarding an unsealed affidavit by an Allegany County District Attorney alleging possible securities violations by the City of Pittsburgh.
As a former SEC Enforcement Attorney, and as the lead enforcement attorney responsible for investigating the City of Miami in the SEC’s first investigation of its municipal offerings in the late 1990s, I shared my insights on how alleged corruption can potentially legally open the door to SEC investigations, if that conduct materially misrepresents the city’s financials used in connection with its bond offering. In such a scenario, the SEC has jurisdiction and, depending upon the facts, it may take civil enforcement action against the city and certain of its municipal officers.
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