New Jersey, the SEC charged the two sides reached a settlement of government securities fraud
YORK August 19 morning news, the U.S. Securities and Exchange Commission (SEC) Wednesday said that the Commission has already launched in New Jersey accused of securities fraud related reason is that New Jersey state government has not disclosed to investors in municipal bonds The state pension funds to finance the shortage of information.
Securities and Exchange Commission also said that New Jersey has agreed with the Commission reached a settlement on the case, but the state does not recognize nor denied the charges of securities fraud. New Jersey without paying for any civil or criminal penalties, but the state was ordered to stop the breach, and it will not be repeated. New Jersey is the first to be accused of securities fraud, the Securities and Exchange Commission states.
municipal bonds (Municipal Bonds), also known as municipal securities, refers to the state, city, county, town, political entities, subsidiaries, U.S. territory, and their authorities or agencies issued securities. Municipal bonds originated in the 19th century, the United States 20 years, when urban development requires a lot of money, local governments began to raise funds through the issuance of municipal bonds, to the 20th century after 70 years, municipal bonds rise gradually in some countries in the world. (Civil and military)
