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May 19, 2016

Posted  June 6, 2016

Eric J. Kellogg, mayor of Harvey, Illinois, will pay $10,000 and has agreed to never participate in a municipal bond offering again, in order to settle SEC fraud charges.  The SEC alleged that Kellogg was connected to a series of fraudulent bond offerings by the city.  Investors were told that their money would be used to develop and construct a Holiday Inn hotel in Harvey, but instead city officials diverted at least $1.7 million in bond proceeds to fund the city’s payroll and other operational costs.  SEC

Tagged in: Financial and Investment Fraud,