SEC Says 71 Muni Borrowers Lied About Disclosure Histories

  • Borrowers hid disclosure lapses from investors in bond sales
  • Agency reaches settlements with issuers, doesn’t access fines

The U.S. Securities and Exchange Commission said it reached settlements with 71 state and local borrowers for lying to investors about their compliance with disclosure requirements when they sold bonds in the $3.7 trillion municipal market.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.