22 Underwriting Firms—Fraudulent Municipal Bond Offerings

California stockbroker fraud attorney22 Underwriting Firms Allegedly Engaged in Fraudulent Municipal Bond Offerings

22 municipal underwriting firms allegedly engaged in fraudulent municipal bond offerings, according to SEC Documents currently under review by attorneys Alan Rosca and Joe Peiffer.

Said actions are the second wave of filings against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary self-reporting program looking for material misstatements and omissions in municipal bond offering documents, the SEC notes.

The Peiffer Rosca Wolf securities rights lawyers are currently investigating the sale of alleged fraudulent municipal bond offerings.

22 Underwriting Firms Allegedly Used Offering Documents that Contained Materially False Statements or Omissions

Between 2010 and 2014, the 22 underwriting firms allegedly violated federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers’ compliance with continuing disclosure obligations, according to SEC Documents currently under review by attorneys Alan Rosca and Joe Peiffer.

Under the terms of the MCDC Initiative, said firms will pay civil penalties based on the number and size of the fraudulent offerings identified, up to a cap based on the size of the firm, with a maximum penalty of $500,000, the SEC notes.

 The SEC’s orders and penalty amounts are:

·   Ameritas Investment Corp. – $200,000

·   BB&T Securities, LLC – $200,000

·   Comerica Securities, Inc. – $60,000

·   Commerce Bank Capital Markets Group – $40,000

·   Country Club Bank – $140,000

·   Crews & Associates, Inc. – $250,000

·   Duncan-Williams, Inc. – $250,000

·   Edward D. Jones & Co., L.P. – $100,000

·   Estrada Hinojosa & Company, Inc. – $40,000

·   Fifth Third Securities, Inc. – $20,000

·   The Frazer Lanier Company, Incorporated – $100,000

·   J.J.B. Hilliard, W.L. Lyons, LLC – $420,000

·   Joe Jolly & Co., Inc. – $100,000

·   Mesirow Financial, Inc. – $100,000

·   Northland Securities, Inc. – $220,000

·   NW Capital Markets Inc. – $100,000

·   PNC Capital Markets LLC – $500,000

·   Prager & Co., LLC – $100,000

·   Ross, Sinclaire & Associates, LLC – $220,000

·   UBS Financial Services, Inc. – $480,000

·   UMB Bank, N.A. Investment Banking Division – $420,000

·   U.S. Bank Municipal Securities Group, a Division of U.S. Bank National Association – $60,000

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged fraudulent bond offerings. They are currently investigating the sale of alleged fraudulent municipal bond offerings. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of alleged fraudulent bond offerings may contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1238 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.