November 6, 2014
Posted January 26, 2016
The SEC charged the City of Allen Park, Michigan and two former city leaders, former mayor Gary Burtka and former city administrator Eric Waidelich, in connection with a municipal bond offering to support a movie studio project within the city. An SEC investigation found that offering documents provided to investors during the Detroit suburb’s sale of $31 million in general obligation bonds contained false and misleading statements about the scope and viability of the movie studio project as well as Allen Park’s overall financial condition and its ability to service the bond debt. SEC
Tagged in: Misrepresentations, Securities Fraud,