Local Government

Miami Offers to Settle With SEC Over Charges of Misleading Investors

The city officials of course deny any actual wrongdoing


City of Miami officials, facing possible civil charges from the U.S. Securities and Exchange Commission for allegedly misleading investors in advance of two bond issues, have offered to settle the case.

Their pitch to the SEC, according to a letter obtained by the Miami Herald late Wednesday: Publish a letter reprimanding the city for making millions of dollars in questionable budget transfers in 2007 and 2008. As part of the proposal, the city also said it would consider restructuring its finance department and creating more detailed procedures for budget transfers.