The SEC filed its first action against a state, charging
New Jersey with fraud in connection with multiple offerings of municipal bonds
dating back to 2001. In the Matter of State of New Jersey , Adm. Proc.
File No. 3-14009 (Aug. 18, 2010).
The Order for Proceedings alleges fraud in violation...
New Jersey became the first state ever charged by the SEC
for violations of the federal securities laws. They gave up without a fight and
agreed to settle the case, without admitting or denying the SEC's findings.
This matter involves the sale of over $26 billion in