SEC Charges Illinois for Misleading Pension Disclosures

SEC Charges Illinois for Misleading Pension Disclosures or SEC charges state of Illinois with securities fraud

Background

US elected controllers accused Illinois of securities cheat for deceiving city security bond investors on the strength of its woefully under-supported open benefits framework. The state could not keep speculators updated of issues with its benefits subsidizing docket as it sold more than $2.2bn worth of bonds from 2005 to 2009, consistent with the Securities and Exchange Commission. The state consented to settle with the SEC without conceding fault. The settlement does not include any retributions or fines. Illinois ...