The Securities and Exchange Commission and Illinois Attorney General’s office are examining the Better Housing Foundation as investors fret over the uncertain prospects for recovering their $170 million investment in the not-for-profit’s defaulted debt. The bonds were sold between 2016 and 2018 through the Illinois Finance Authority. Defaults occurred in June on the three Chicago […]
Aidikoff, Uhl & Bakhtiari continues to investigate the sales practices of Wall Street firms in recommending bond funds to it’s clients. In May 2012 the SEC issued a Cease-and-Desist Order against UBS Puerto Rico. Pursuant to the order, UBS Puerto Rico agreed to pay $26 million in disgorgement and settle charges that it sold allegedly mispriced closed end funds to […]
The Securities and Exchange Commission today charged that the City of Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb & DeDios (KND), the underwriter of the Airport Authority’s bonds, defrauded investors by inflating valuations of property securing an April 2008 municipal bond offering. Victorville Assistant City Manager and former […]
The Securities and Exchange Commission today announced that it has obtained an emergency court order to freeze the assets of a Los Angeles man orchestrating a securities fraud by falsely presenting himself to investors as a specialist in municipal bond investments. The SEC alleges that Michael Anthony Gonzalez raised approximately $1 million since February 2010 […]
Moody’s Investors Service placed its ratings on five Aaa-rated states on watch for downgrade, saying if the U.S. government’s ratings were to be lowered, those states would face probable cuts as well. The ratings agency’s action on Maryland, New Mexico, South Carolina, Tennessee and Virginia affect a combined $24 billion of general obligation and related […]