Partners John Carney and Brian Song authored an article published July 4, 2016, in Securities Regulation & Law Report, a publication of Bloomberg BNA. The article, “When the Buck Stops with You – Municipal Officials Facing Increased Scrutiny for Bond Offerings,” examines the drastic escalation in the regulation of the municipal bond market after a growing trend of enforcement actions by the SEC. Carney and Song discuss recent actions against states, municipalities and even individual officials involving material omissions and false statements. They note:
The government’s increased scrutiny on and greater devotion of resources to the oversight of the municipal securities market should be a noteworthy and troubling trend for any public official who is responsible for and/or knowledgeable of material misstatements in a municipality’s financial disclosures. Government officials should always be aware of their obligations to report accurate information in their financial disclosures and should take steps to ensure that prior statements, perhaps made by other government officials, remain accurate in light of the latest financial information.
Read the article