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Securities and Exchange Commission Announces Enforcement Action Against City of Alameda

The  Securities and Exchange Commission is taking enforcement action against the City of Alameda over past bond issues.

The Securities and Exchange Commission is taking enforcement action against the City of Alameda over past bond issues.

The federal Securities and Exchange Commission announced this week enforcement actions against 71 municipal bond issuers, including the City of Alameda, for disclosure violations.

The commission found that from 2011 to 2014, the 71 issuers and obligated persons sold municipal bonds using offering documents that contained materially false statements or omissions about their compliance with continuing disclosure obligations.

According to the cease-and-desist and sanctions order, the City of Alameda made statements that it knew, or should have known, were untrue, with regards to a 2012 bond offering and two 2013 offerings.

For example, with regards to the 2012 offering:

the final official statement read, in relevant part: “The City has never failed to comply in all material respects with any previous continuing disclosure
undertakings to provide annual reports or notices of material events.” This was false because Respondent failed to make any of the filings in the previous five years it had undertaken to make in connection with several continuing disclosure undertakings, and also filed late audited financial reports in connection with other continuing disclosure undertakings. Respondent also failed to timely file the required notices of late filings for each of those;

According to a Securities and Exchange Commission press release, the 71 issuers, “settled the actions without admitting or denying the findings and agreed to cease and desist from future violations. Pursuant to the terms of the [Municipalities Continuing Disclosure Cooperation (MCDC) initiative], they also agreed to undertake to establish appropriate policies, procedures, and training regarding continuing disclosure obligations; comply with existing continuing disclosure undertakings, including updating past delinquent filings, disclose the settlement in future offering documents, and cooperate with any subsequent investigations by the SEC.”

The full enforcement order from the commission is included below.

SEC Administrative Action Against City of Alameda by Action Alameda News on Scribd

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