Prager & Co., LLC is a boutique investment banking firm that offers financial advisory services. The firm provides transaction structure, credit management, market input, bond underwriting, tax-exempt and taxable municipal finance, and long-term financing advisory services. Additionally, it offers brokerage services. The firm’s clientele include colleges, universities, healthcare organizations, and museum, as well as social service agencies, state, and local governments. Prager & Co., LLC was founded in 1987 and is headquartered in San Francisco, California with additional offices in New York, New York.
One Maritime Plaza
San Francisco, CA 94111
Founded in 1987
The Securities and Exchange Commission Announces Enforcement Actions against 22 Municipal Underwriting Firms for Violations in Municipal Bond Offerings
Sep 30 15
The Securities and Exchange Commission announced enforcement actions against 22 municipal underwriting firms for violations in municipal bond offerings. The actions are the second round of filings against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary selfreporting program targeting material misstatements and omissions in municipal bond offering documents. In present actions, the SEC found that between 2010 and 2014, the 22 underwriting firms violated federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers’ compliance with continuing disclosure obligations. The SEC also found that the underwriting firms failed to conduct adequate due diligence to identify the misstatements and omissions before offering and selling the bonds to their customers. The 22 firms, which did not admit or deny the findings, agreed to cease and desist from such violations in the future. Under the terms of the MCDC Initiative, they will pay civil penalties based on the number and size of the fraudulent offerings identified, up to a cap based on the size of the firm. The maximum penalty imposed is $500,000. In addition, each firm agreed to retain an independent consultant to review its policies and procedures on due diligence for municipal securities underwriting. The SEC's orders and penalty amounts are: Ameritas Investment Corp. – $200,000; BB&T Securities, LLC – $200,000; Comerica Securities, Inc. – $60,000; Commerce Bank Capital Markets Group – $40,000; Country Club Bank – $140,000; Crews & Associates, Inc. – $250,000; DuncanWilliams, Inc. – $250,000; Edward D. Jones & Co., L.P. – $100,000; Estrada Hinojosa & Company, Inc. – $40,000; Fifth Third Securities, Inc. – $20,000; The Frazer Lanier Company, Incorporated – $100,000; J.J.B. Hilliard, W.L. Lyons, LLC – $420,000; Joe Jolly & Co., Inc. – $100,000; Mesirow Financial, Inc. – $100,000; Northland Securities, Inc. – $220,000; NW Capital Markets Inc. – $100,000; PNC Capital Markets LLC – $500,000; Prager & Co., LLC – $100,000; Ross, Sinclaire & Associates, LLC – $220,000; UBS Financial Services, Inc. – $480,000; UMB Bank, N.A. Investment Banking Division – $420,000; and U.S. Bank Municipal Securities Group, a Division of U.S. Bank National Association –$60,000.