Former Montebello District School Officer agrees to $50,000 Penalty as part of SEC Enforcement Action
The Securities and Exchange Commission announced today that Ruben Rojas has admitted wrongdoing and agreed to pay a penalty of $50,000 to settle an SEC enforcement case. This case involves the Montebello’s sale of $100,000,000 in municipal bonds in December 2016.
In the SEC complaint, which was filed on 19 September 2019, Rojas allegedly misled bondholders by failing to disclose Montebello’s decision to fire its independent auditor. The auditor raised questions about Rojas’s integrity and qualifications. Rojas, despite this, approved bond offer materials which falsely stated that the prior year audit was clean without disclosing termination of the auditor.
The Honorable Fernando Aenlle-Rocha issued a final amended judgment on November 18, 2022. The ruling permanently prohibits Rojas’ participation in municipal securities offerings, and also prevents him from violating Section 17 (a) (3) of the Securities Act of 1933. Rojas is also required to pay a civil fine of $50,000. Rojas, by agreeing to the entry the amended final judgement, has admitted to conduct that violated Section 17 (a)(3) Securities Act.
The litigation has been concluded in its entirety with the entry by the court of the amended final judgement. Brent Smyth and Andrew Hefty of the SEC San Francisco Regional Office conducted SEC litigation. Jason H. Lee, under the supervision of Monique C.Winkler at the San Francisco Regional Office, conducted SEC’s investigations.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC, is a US regulatory agency that regulates the securities sector, which includes stock exchanges and brokers-dealers. Its main goal is to protect and promote fair, transparent and efficient markets.
The SEC enforces federal securities laws such as the Securities Act of 1934 and the Securities Exchange Act of 1934. The SEC is responsible for ensuring that companies provide accurate and timely information about their financial status to investors. This helps prevent fraud and manipulation of the securities markets.
SEC is also responsible for the registration of securities exchanges and clearing agencies as well as self-regulatory bodies. The SEC reviews and approves Initial Public Offerings (IPOs), and monitors trading activities in order to detect potential violations.
The SEC provides investors with relevant information and tools to help them make informed decisions. The SEC enforces securities laws and rules that prevent insider trading.
The SEC’s overall mission is to ensure fair and efficient markets and protect investors. They also work to facilitate capital formation. This helps to maintain the integrity and stability of the U.S. banking system.
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