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New Jersey Charged By SEC,
by Glen Shapiro, LawAndTax-News.com, New York
Friday, August 20, 2010
The United States’ Securities and Exchange Commission (SEC) has charged
the State of New Jersey with securities fraud for failing to disclose to investors
in its municipal bond offerings that it was underfunding the state's two largest
pension plans.
According to the SEC's settlement order, New Jersey offered and sold more than USD26bn
of municipal bonds in 79 offerings between August 2001 and April 2007. The offering
documents for these securities created the impression that the pension funds
for its teachers and public employees were being adequately funded.
Those documents, the SEC says, masked the fact that New Jersey was unable to
make contributions to those funds without raising taxes, cutting other services
or otherwise affecting its budget. As a result, investors were not provided
adequate information to evaluate the state's ability to fund the pensions or
assess their impact on the state's financial condition.
The SEC's order finds that New Jersey made material misrepresentations and
omissions about the underfunding of its pension funds in such bond disclosure
documents as preliminary official statements, official statements, and continuing
disclosures. It further finds that New Jersey was aware of the underfunding
of those funds and the potential effects of the underfunding.
New Jersey is the first state ever charged by the SEC for violations of the
federal securities laws. It agreed to settle the case without admitting or denying
the SEC's findings.
"All issuers of municipal securities, including states, are obligated
to provide investors with the information necessary to evaluate material risks,"
said Robert Khuzami, Director of the SEC's Division of Enforcement. "The
State of New Jersey didn't give its municipal investors a fair shake, withholding
and misrepresenting pertinent information about its financial situation."
.
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