Recently, the Securities and Exchange Commission (SEC) announced enforcement actions taken against the following 36 municipal underwriting firms for violations in municipal bond offerings. The cases are the first brought against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary self-reporting program targeting material misstatements and omissions in municipal bond offering documents. In […]

Arque Capital, Ltd. (CRD #121192, Scottsdale, Arizona) was censured and fined $50,000 for allegedly selling approximately $3.53 million in an alternative investment known as Renewable Secured Debentures to approximately 40 investors while providing investors with their sales kit, which included a brochure with misleading statements. FINRA's findings stated that as the managing broker/dealer for the […]

Carolina Financial Securities, LLC (CRD #41970, Brevard, North Carolina) was censured and fined $50,000 by FINRA for allegedly selling an unregistered private placement offering to their investors for approximately $1.1 million. FINRA's findings stated that allegedly Carolina Financial Securities failed to follow their own procedures in regards to the selling of private placements and conduct […]