SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 7741 / September 22, 1999
SECURITIES EXCHANGE ACT OF 1934
Release No. 41896 / September 22, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-10022
The United States Securities and Exchange Commission ("Commission") has
instituted public cease-and-desist proceedings pursuant to Section 8A of the
Securities Act of 1933 ("Securities Act") and Section 21C of the Securities
Exchange Act of 1934 ("Exchange Act") against the City of Miami, Florida
(the "City"), and Cesar Odio ("Odio") and Manohar Surana
("Surana"), both of Miami, Florida (collectively the "Respondents'),
to determine whether a cease-and-desist order should be imposed against them. The
Order Instituting Public Cease-and-Desist Proceedings ("Order") alleges
that the City, through Odio and Surana, violated the anti-fraud provisions of the
Securities Act and Exchange Act in connection with the offer and sale to the public
of securities in the form of municipal bonds issued by the City in June, August and
December of 1995. The Order also alleges that the City, through Odio, violated the
anti-fraud provisions when it disseminated its Comprehensive Annual Financial Report
for fiscal year 1994 to the investing public in September 1995. A hearing will be
held before an administrative law judge to determine whether the staff's allegations
are true, and, if so, whether a cease-and-desist order should be entered against the
Respondents.
http://www.sec.gov/litigation/admin/34-41896.htm