|Published:||Aug 10, 2012 11:17 AM EDT|
|Updated:||Aug 10, 2012 11:17 AM EDT|
MIAMI (AP) - The city of Miami is offering a settlement to end a Securities and Exchange Commission investigation into whether city bond investors were misled.
City officials say they'll accept a public reprimand over questionable budget transfers and consider making changes within the finance department. The offer was made in a letter to the SEC that was detailed Thursday by The Miami Herald (http://hrld.us/MyHsxx ). The SEC declined comment on the city's offer.
The SEC concluded last month that investors in millions of dollars of bonds were misled about the city's financial health. Authorities said Miami might be subjected to fines or other penalties. Despite the settlement offer, city officials also insist they didn't violate accepted accounting practices.
The SEC is separately investigating the financing of the Miami Marlins' new ballpark.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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