SEC Probes Cyberattack of Detroit Suburb’s $30 Million Bond Sale
- Probe will determine potential violation of securities law
- White Lake Township makes disclosure in bond supplement
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The US Securities and Exchange Commission is investigating a municipal-bond sale by a Detroit suburb that was hacked last year by cyber criminals, resulting in the theft of about $30 million of proceeds.
The SEC is probing whether the bond issue, which was supposed to close in November, violated securities law, according to a March 11 bond-offering supplement. The community of 32,000 plans to sell $29 million of bonds after the cyberattack forced it to cancel last year’s issue to finance the construction of a civic center.