{"id":1912,"date":"2017-11-30T12:55:20","date_gmt":"2017-11-30T18:55:20","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1912"},"modified":"2022-03-22T15:07:40","modified_gmt":"2022-03-22T20:07:40","slug":"ex-illinois-mayor-accused-5-2m-municipal-bond-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-illinois-mayor-accused-5-2m-municipal-bond-fraud\/","title":{"rendered":"Ex-Illinois Mayor Accused in $5.2M Municipal Bond Fraud"},"content":{"rendered":"

\t\t\t\tDavid Webb, the ex-Illinois mayor of the city of Markham, has agreed to partially resolve fraud charges brought by the SEC accusing him of involvement in a $5.5M municipal bond sca<\/a>m. The regulator accused Webb of taking part in a pay-to-play scheme that involved a $75K bribe from a construction contractor. In return, Webb is accused of directing one of the city\u2019s construction projects to the contractor. The alleged fraud involved a $5.5 muni bond offering that the city offered in 2012.<\/p>\n

According to the Commission\u2019s complaint, at a Markham council meeting that year, talks took place to authorize the $5.5M of general obligation bonds to help pay for certain city projects. It was during this conversation that an attendee spoke out saying she\u2019d heard that the owner of a roller rink stood to \u201cimproperly benefit.\u201d The owner of the rink was Markham\u2019s city attorney at the time and the roller ring was one of the city projects involved. Webb, however, responded by saying \u201cI don\u2019t make deals\u201d even though he purportedly had recently been paid the bribe to the construction contractor. The regulator claims that the pay-to-play scam involving the city\u2019s Roesner Park development project was already in place.<\/p>\n

The bond offering was approved.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

David Webb, the ex-Illinois mayor of the city of Markham, has agreed to partially resolve fraud charges brought by the SEC accusing him of involvement in a $5.5M municipal bond scam. The regulator accused Webb of taking part in a pay-to-play scheme that involved a $75K bribe from a construction contractor. In return, Webb is […]<\/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":[3922,3760,3795,3761],"tags":[],"class_list":["post-1912","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"\nEx-Illinois Mayor Accused in $5.2M Municipal Bond Fraud — Investor Lawyers Blog — November 30, 2017<\/title>\n<meta name=\"description\" content=\"David Webb, the ex-Illinois mayor of the city of Markham, has agreed to partially resolve fraud charges brought by the SEC accusing him of involvement in — November 30, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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