{"id":1278,"date":"2016-11-27T16:31:46","date_gmt":"2016-11-27T22:31:46","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1278"},"modified":"2022-03-10T16:37:18","modified_gmt":"2022-03-10T22:37:18","slug":"securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/","title":{"rendered":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, &#038; a Federal Judge Rules in Jay Peak Resort EB-5 Case"},"content":{"rendered":"<p>\t\t\t\t<strong>Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0<\/strong><br \/>\nAccording to the\u00a0<em>Reno Gazette-Journal<\/em>, the city of Reno is about to settle its securities fraud lawsuit against Goldman Sachs (GS) for $750K. Nevada\u2019s capital city claims that the firm misled it into taking on risky debt that nearly caused Reno to become insolvent. The Reno City Council will vote on approving the settlement next week.\u00a0Other details of the settlement remain undisclosed at this time.<\/p>\n<p>The auction-rate securities lawsuit involved over $210M in bonds issued by Reno in \u201905 and \u201906 to refinance the debt for an events center and another facility. The city claims that Goldman Sachs never disclosed that the ARS market was very risky or that the firm was bidding interest rates down to hold up the market.<\/p>\n<p>When the financial collapse happened in 2008 and banks ceased to bid on auction rates, rates went soaring. This left Reno with a 15% debt interest rate and millions of dollars in penalties that it now owed Goldman. For example, in 2012 Reno paid the firm $2.6M. It paid the Goldman Sachs $7M the following year.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/#more-1278\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud lawsuit against Goldman Sachs (GS) for $750K. Nevada\u2019s capital city claims that the firm misled it into taking on risky debt that nearly caused Reno to become insolvent. The Reno City [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3865,3752,3947,3760,3795,3761],"tags":[2698,2793,3310],"class_list":["post-1278","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-financial-firms","category-goldman-sachs","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","tag-eb-5","tag-jay-peak-resort","tag-michael-liberty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, &amp; a Federal Judge Rules in Jay Peak Resort EB-5 Case &#8212; Investor Lawyers Blog &#8212; November 27, 2016<\/title>\n<meta name=\"description\" content=\"Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud &#8212; November 27, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, &amp; a Federal Judge Rules in Jay Peak Resort EB-5 Case &#8212; Investor Lawyers Blog &#8212; November 27, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud &#8212; November 27, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, & a Federal Judge Rules in Jay Peak Resort EB-5 Case &#8212; Investor Lawyers Blog &#8212; November 27, 2016","description":"Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud &#8212; November 27, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/","twitter_card":"summary_large_image","twitter_title":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, & a Federal Judge Rules in Jay Peak Resort EB-5 Case &#8212; Investor Lawyers Blog &#8212; November 27, 2016","twitter_description":"Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud &#8212; November 27, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, &#038; a Federal Judge Rules in Jay Peak Resort EB-5 Case","datePublished":"2016-11-27T22:31:46+00:00","dateModified":"2022-03-10T22:37:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/"},"wordCount":661,"keywords":["EB-5","Jay Peak Resort","Michael Liberty"],"articleSection":["Auction-Rate Securities","Financial Firms","Goldman Sachs","SEC Enforcement","SEC Settlements","Securities and Exchange Commission"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/","url":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/","name":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, & a Federal Judge Rules in Jay Peak Resort EB-5 Case &#8212; Investor Lawyers Blog &#8212; November 27, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-11-27T22:31:46+00:00","dateModified":"2022-03-10T22:37:18+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Goldman Sachs and Reno, NV Settle Securities Fraud Case\u00a0 According to the\u00a0Reno Gazette-Journal, the city of Reno is about to settle its securities fraud &#8212; November 27, 2016","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-goldman-sachs-settle-renos-auction-rate-securities-750k-sec-demands-remaining-5-4mfine-owed-maine-developer-federal-judge-rules-jay-peak-resort-eb-5\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Securities News: Goldman Sachs to Settle Reno\u2019s Auction Rate Securities for $750K, SEC Demands Remaining $5.4MFine Owed By Maine Developer, &#038; a Federal Judge Rules in Jay Peak Resort EB-5 Case"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-kC","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/1278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=1278"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/1278\/revisions"}],"predecessor-version":[{"id":23622,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/1278\/revisions\/23622"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=1278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=1278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=1278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}