May 6, 2013 / 5:51 PM / in 4 years

Regulators rap Harrisburg for allegedly misleading statements

WASHINGTON, May 6 (Reuters) - U.S. regulators charged the beleaguered capital city of Pennsylvania, Harrisburg, on Monday with securities fraud for allegedly misleading public statements and financial information.

This was the first time the Securities and Exchange Commission has charged a municipality for misleading statements outside of its securities disclosure documents, it said about its investigation into Harrisburg’s budget, annual and mid-year financial statements and a “State of the City” address.

The city is under state receivership after its finances were entangled in a complicated scheme for upgrading a trash incinerator.

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