- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-13T19:54:00
The Securities and Exchange Commission (SEC) charged four underwriters with failing to satisfy exemption requirements related to limited offerings of municipal bonds—the first time the agency has taken such an action.
Three of the underwriters charged Tuesday with violating federal securities law—BNY Mellon Capital Markets, TD Securities (USA), and Jefferies—agreed to settle. The SEC also filed a complaint in U.S. District Court for the Southern District of New York against Oppenheimer & Co., alleging the firm failed to make proper disclosures to investors regarding the sale of municipal bonds.
BNY Mellon, which the SEC said violated the disclosure requirements 254 times from 2019-21, agreed to return approximately $657,000 plus prejudgment interest back to harmed investors and pay a $300,000 penalty. TD Securities, with at least 35 violations from 2017-20, agreed to repay approximately $53,000 plus prejudgment interest to investors and pay a $100,000 penalty, and Jefferies (18 violations from 2017-20) will repay approximately $43,000 plus prejudgment interest and pay a $100,000 fine.
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A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
