City of Miami accused of financial fraud
MIAMI (WSVN) -- The Securities and Exchange Commission filed charges against the City of Miami and former budget director Michael Boudreaux.
The city is accused of marketing bonds to investors while hiding the true reasons behind three transfers from a capital improvement fund to its general fund in 2009.
SEC officials said the city was masking a growing deficit while trying to keep its bond offerings highly rated by credit agencies.
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