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U.S. Securities and Exchange Commission

Municipal Securities Cases and Materials:
Supplemental Text (2004 - 2007 Cases)

Office of Municipal Securities
Division of Market Regulation

August 2007

This compilation was prepared by the Office of Municipal Securities in the Division of Market Regulation of the Securities and Exchange Commission and supplements the Municipal Securities Cases and Materials Text that was issued in December 2003. This supplement is current through July 2007. It contains the full text of certain Commission orders/opinions, administrative law judge decisions, and litigation releases, as well as federal court decisions, involving participants in municipal securities transactions. In some instances, the document is a determination of fact and law following a hearing; in others, findings made by the Commission in a settled proceeding in which the named party has neither admitted nor denied the findings, but consented to entry of the order. In still other instances, such as a complaint, the document may consist of allegations.

The compilation organizes enforcement actions by relevant participants to municipal securities transactions or topics. However, inclusion under a particular heading does not limit in any manner the relevance of the document to other participants or topics.

While this compilation provides an extensive review of Commission activity in the municipal securities market, it does not purport to be exhaustive. It also does not include actions by private parties under the federal securities laws arising from municipal securities transactions, or Commission and private actions under the antifraud and other sections of the federal securities law arising from transactions not involving municipal securities. Such materials may also be useful to the reader.

The reader is encouraged to consult the web site maintained by the Commission at http://www.sec.gov for future releases.

Links to Case Materials Included in the Compilation

You may use these links to view the original website materials for individual cases.

Issuers

Commission Orders — Settled Administrative Proceedings

Public Officials

Injunctive Proceedings

Obligated Persons

Injunctive Proceedings

  • SEC v. Robert A. Kasirer, et al., Civ. Action No. 04-C-4340 (N.D. Ill.), Litigation Release No. 18774 (July 1, 2004) (complaint).
     
  • SEC v. Mojave Valley Resort, Inc. and Mark A. Temple, Case No. ED CV 04-1061 VAP (C.D. Cal.), Litigation Release No. 18852 (August 25, 2004).
     
  • SEC v. Manoucher Sarbaz, et al., Civ. Action No. CV 03-881 CJC (C.D. Cal.), Litigation Release No. 18898 (September 24, 2004).
     
  • SEC v. Bruce M. Perry and M. Brooks Turkel, Civ. Action No. 05-21525-CIV-Martinez (S.D. Fla.), Litigation Release No. 19256 (June 8, 2005) (complaint).
     
  • SEC v. Bruce M. Perry and M. Brooks Turkel, Civ. Action No. 05-21525-CIV-Martinez (S.D. Fla.), Litigation Release No. 19522 (January 5, 2006) (Final Judgment Entered against Defendant M. Brooks Turkel).
     
  • SEC v. Bruce M. Perry and M. Brooks Turkel, Civ. Action No. 05-21525-CIV-Martinez (S.D. Fla.), Litigation Release No. 19887 (October 25, 2006) (Final Judgment Entered against Defendant Bruce M. Perry).

Commission Orders — Settled Administrative Proceedings

  • In the Matter of Mount Sinai Medical Center of Florida, Inc., M. Brooks Turkel and Harvey W. Smith, Securities Act Release No. 8580, Securities Exchange Act Release No. 51797, Accounting and Auditing Enforcement Release No. 2254, A.P. File No. 3-11944 (June 7, 2005).
     
  • In the Matter of Bruce M. Perry, Securities Act Release No. 8755, Securities Exchange Act Release No. 54776, Accounting and Auditing Enforcement Release No. 2516, A.P. File No. 3-12481 (November 17, 2006).

Underwriters

Injunctive Proceedings

Administrative Proceedings — Commission Decisions

  • In the Matter of Public Finance Consultants, Inc., Robert D. Fowler, Dolphin and Bradbury, Incorporated, and Robert J. Bradbury, A.P. File No. 3-11465, Initial Decision Release No. 274 (February 25, 2005) (initial decision of administrative law judge).
     
  • In the Matter of Dolphin and Bradbury, Incorporated and Robert J. Bradbury, Securities Act Release No. 8721, Securities Exchange Act Release No. 54143, A.P. File No. 3-11465 (July 13, 2006) (Opinion of the Commission).
     
  • In the Matter of Anthony C. Snell and Charles E. LeCroy, A.P. File No. 3-12359 (July 7, 2006) (Order Instituting Proceedings).
     
  • In the Matter of Anthony C. Snell and Charles E. LeCroy, A.P. Rulings Release No. 630, A.P. File No. 3-12359 (October 18, 2006) (Order Granting Partial Summary Disposition to the Division of Enforcement).
     
  • In the Matter of Anthony C. Snell and Charles E. LeCroy, A. P. Rulings Release No. 631, A.P. File No. 3-12359 (October 26, 2006) (Order Denying Respondents’ Motion for Partial Summary Disposition).
     
  • In the Matter of Anthony C. Snell and Charles E. LeCroy, A.P. File No. 3-12359, Initial Decision Release No. 330 (May 3, 2007) (Initial Decision of Administrative Law Judge).
     
  • In the Matter of Anthony C. Snell and Charles E. LeCroy, Securities Exchange Act Release No. 55850, A.P. File No. 3-12359, (June 1, 2007) (Notice that Initial Decision has become Final).

Commission Orders — Settled Administrative Proceedings

Financial Advisors

Administrative Proceedings — Commission Decisions

  • In the Matter of Public Finance Consultants, Inc., Robert D. Fowler, Dolphin and Bradbury, Incorporated, and Robert J. Bradbury, A.P. File No. 3-11465, Initial Decision Release No. 274 (February 25, 2005) (initial decision of administrative law judge).
    See Underwriters section.
     
  • In the Matter of Public Finance Consultants, Inc., Robert D. Fowler, Dolphin & Bradbury, Inc., and Robert J. Bradbury, Securities Act Release No. 8729, A.P. File No. 3-11465 (August 3, 2006) (Notice that Initial Decision has become Final as to Public Finance Consultants, Inc. and Robert D. Fowler).

Commission Orders — Settled Administrative Proceedings

  • In the Matter of Michael S. deVegter, Securities Act Release No. 8645, Securities Exchange Act Release No. 53009, Investment Advisers Act Release No. 2465, Investment Company Act Release No. 27196, A.P. File No. 3-12131 (December 22, 2005).

Attorneys

Federal Court Actions

Injunctive Proceedings

Administrative Proceedings — Commission Decisions

  • In the Matter of Ira Weiss, and L. Andrew Shupe II, A.P. File No. 3-11462, Initial Decision Release No. 275 (February 25, 2005) (initial decision of administrative law judge).
     
  • In the Matter of Ira Weiss, A.P. File No. 3-11462, Securities Act Release No. 8641, Securities Exchange Release No. 52875 (December 2, 2005) (opinion of the Commission).

Accountants/Auditors

Injunctive Proceedings

Commission Orders — Settled Administrative Proceedings

  • In the Matter of William F. Buettner, CPA, Exchange Act Release No. 50134, Accounting and Auditing Enforcement Release No. 2070, A.P. File No. 3-11571 (August 2, 2004).
     
  • In the Matter of Mount Sinai Medical Center of Florida, Inc., M. Brooks Turkel and Harvey W. Smith, Securities Act Release No. 8580, Securities Exchange Act Release No. 51797, Accounting and Auditing Enforcement Release No. 2254, A.P. File No. 3-11944 (June 7, 2005).
    See Obligated Persons section.

Sales Practices

Commission Orders — Settled Administrative Proceedings

  • In the Matter of Bear, Stearns & Co. Inc.; Citigroup Global Markets, Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities, Inc.; Lehman Brothers Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co. Incorporated and Morgan Stanley DW Inc.; RBC Dain Rauscher Inc.; Banc of America Securities LLC; A.G. Edwards & Sons, Inc.; Morgan Keegan & Company, Inc.; Piper Jaffray & Co.; Suntrust Capital Markets Inc.; and Wachovia Capital Markets, LLC, Securities Act Release No. 8684, Securities Exchange Act Release No. 53888, A.P. File No. 3-12310 (May 31, 2006).
     
  • In the Matter of Robert K. Malkin and Cantella & Company, Inc., Securities Act Release No. 8747, Securities Exchange Act Release No. 54545, A.P. File No. 3-12447 (September 29, 2006).
     
  • In the Matter of 1st Global Capital Corp., Securities Exchange Act Release No. 54754, A.P. File No. 3-12479 (November 15, 2006).
     
  • In the Matter of Deutsche Bank Trust Company Americas, The Bank of New York, and Wilmington Trust Company, Securities Act Release No. 8767, A. P. File No. 3-12526 (January 9, 2007).
     
  • In the Matter of Citigroup Global Markets, Inc., successor by merger to Legg Mason Wood Walker Inc., Securities Exchange Act Release No. 55712, A.P. File No. 3-12629 (May 7, 2007).

Injunctive Proceedings

 

http://www.sec.gov/info/municipal/municase07.htm

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Modified: 08/22/2007