SEC makes landmark fraud charge against US state
The US Securities and Exchange Commission (SEC) on Wednesday charged the state of New Jersey with securities fraud relating to its municipal bond issues, in its first ever order issued against a state.
The SEC's investigators claimed that New Jersey mislead potential bondholders, allowing them to think that two of its state pension funds- the Teachers Pension and Annuity Fund and the Public Employees' Retirement System- were being adequately funded, masking the fact that the state was not able
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