|Published:||Jul 24, 2012 11:12 AM EDT|
|Updated:||Jul 24, 2012 11:12 AM EDT|
MIAMI (AP) - The Securities and Exchange Commission says the city of Miami misled investors in millions of dollars in bonds about its financial health.
An SEC letter the city got Monday says the agency may seek fines or other penalties in court because of alleged federal violations. City officials told The Miami Herald (http://hrld.us/OeySYl ) on Tuesday that the charges are unwarranted.
The probe has been ongoing for more than two years. It revolves around a questionable move by Miami officials to make the city budget appear balanced just before issuing bonds to improve streets and sidewalks. A former city auditor also claimed publicly the city was using inaccurate and misleading budget practices.
The investigation is separate from an ongoing SEC probe into the financing of the Miami Marlins' new ballpark.
Information from: The Miami Herald, http://www.herald.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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