U.S. regulators charge City of Miami and its ex-budget director with fraud
WASHINGTON (Reuters) – The Securities and Exchange Commission charged the city of Miami and its former budget director with fraud on Friday, for allegedly making misleading statements and omissions in bond documents in order to mask general fund deficits.
The regulatory agency said it was seeking injunctive relief and financial penalties from the city as well as former budget director Michael Boudreaux.
(Reporting by Lisa Lambert; Editing by Tiziana Barghini)
[Miami city skyline panorama at dusk with urban skyscrapers over sea with reflection via Shutterstock.com]