Britt Cass Steckman

Bracewell LLP

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SEC Secures Federal Judge Order Against Mayor Based on Control Person Liability

On January 28, 2015, the United States District Court for the Eastern District of Michigan entered a final judgment against Gary Burtka, the former mayor of Allen Park, Michigan, upholding the Security and Exchange Commission...more

2/4/2015 / Control Person , False Statements , Final Judgment , Municipal Bonds , Municipal Securities Issuers , Municipalities , Personal Liability , Public Officials , Securities and Exchange Commission (SEC)

Participation Not Required: SEC Charges Mayor as Control Person in Municipal Bond Offering

In an unprecedented exercise of its authority to charge municipal officials with “control person” liability, the Securities and Exchange Commission (SEC) recently announced fraud charges against the City of Allen Park,...more

11/11/2014 / Enforcement Actions , Fraud , Joint and Several Liability , Materiality , Municipal Bonds , Municipalities , Personal Liability , Securities and Exchange Commission (SEC)

SEC Fraud Charges Against School District Demonstrate Increased Focus on Disclosure Compliance by Municipal Issuers

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

8/1/2013 / Disclosure Requirements , Fraud , Municipal Bonds , Municipalities , Public Schools , Section 10 of the Exchange Act , Securities Act of 1933 , Securities and Exchange Commission (SEC) , Securities Exchange Act , Underwriting

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