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SEC Says Harrisburg Misled Bond Investors
HARRISBURG, PA (AP) - The U.S. Securities and Exchange Commission says it's settling new charges that Pennsylvania's capital city provided bond investors with "incomplete or outdated" information about its troubled finances.
The SEC says the charges, announced today, against Harrisburg represent the first time a municipality has been accused of misleading statements in a budget report, financial statements and "state of the city" address.
The SEC cites Harrisburg's cooperation in the investigation and work to create new disclosure procedures. Mayor Linda Thompson says she's committed to ensuring the city provides accurate and complete information about its finances.
Harrisburg is currently operating with a state-appointed receiver as it struggles with a massive debt and has trouble paying its day-today bills.
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