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SEC Dings NY-NJ Port Authority for Bad Disclosures in Bond Offering
The Port Authority of New York and New Jersey has agreed to admit wrongdoing and pay a $400,000 penalty to settle SEC charges that it failed to inform bond investors about risks pertaining to a series of New Jersey roadway projects that would be funded by the offering.
The SEC’s order finds … the Port Authority offered and sold $2.3 billion worth of bonds to investors despite internal discussions about whether certain projects outlined in offering documents - including the Pulaski Skyway - ventured outside its mandate and potentially weren’t legal to pursue.
One internal memo noted, “There is no clear path to legislative authority to undertake such projects.”
Another memo explicitly identified “the risk of a successful challenge by the bondholders and investors” in connection with the funding of the roadway projects.
The Port Authority is the first municipal issuer to admit wrongdoing in an SEC enforcement action.
The SEC’s investigation continues.
