{"id":5979,"date":"2016-06-12T00:00:00","date_gmt":"2016-06-12T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/06\/sec_bond_cases_illinois_mayer"},"modified":"2022-05-18T14:46:49","modified_gmt":"2022-05-18T19:46:49","slug":"sec-bond-cases-illinois-mayer","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-bond-cases-illinois-mayer\/","title":{"rendered":"SEC Bond Cases: Illinois Mayer Settles Municipal Bond Fraud Charges for $10K, Ethiopia\u2019s Electric Utility Pays Over $6M to Resolve Bond Offering Violations, and Miami , Fla. Likely to Come Under Scrutiny in Civil Trial"},"content":{"rendered":"<p><strong>Mayor of Harvey, Illinois Barred From Future Involvement In Muni Bond Offerings<\/strong><br \/>\nEric J. Kellog, the mayor of Harvey, Illinois, will pay $10K to resolve the Securities and Exchange Commission\u2019s case accusing him of <a href=\"https:\/\/www.securities-fraud-attorneys.com\">municipal bond fraud<\/a>. As part of the settlement, Kellog has agreed to never take part in a muni bond offering again.<\/p>\n<p>According to the Commission, Mayor Kellogg was tied to a number of fraudulent bond offerings made by the city of Harvey. Investors thought their money would go toward building a Holiday Inn hotel when, instead, at least $1.7M in bond proceeds were diverted to cover the city\u2019s payroll and pay for operational costs that had nothing to do with the hotel construction project.<\/p>\n<p>Kellogg was in charge of Harvey\u2019s operations. His signature was on key offering documents used by the city of Harvey to sell and offer the municipal bonds. The SEC said that the mayor was liable for fraud as a control person under the Securities Exchange Act.<\/p>\n<p>By settling, Kellog is not denying or admitting to the SEC findings.<\/p>\n<p><strong>Ethiopia\u2019s Electric Utility Pays Over $6M to Settle SEC Municipal Bond Case<\/strong><br \/>\nIn other <a href=\"https:\/\/www.securities-fraud-attorneys.com\">bond fraud<\/a> news, the SEC has reached a settlement with the Ethiopian Electric Power over charges that the foreign electric utility did not register the bonds that it sold and offered to U.S. residents who were of Ethiopian descent. EEP will pay almost $6.5M to resolve the case accusing it of violating U.S. securities laws.<\/p>\n<p>&nbsp;<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-bond-cases-illinois-mayer\/#more-5979\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mayor of Harvey, Illinois Barred From Future Involvement In Muni Bond Offerings Eric J. Kellog, the mayor of Harvey, Illinois, will pay $10K to resolve the Securities and Exchange Commission\u2019s case accusing him of municipal bond fraud. As part of the settlement, Kellog has agreed to never take part in a muni bond offering again. [&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":[3922,3760,3795,3761],"tags":[],"class_list":["post-5979","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Bond Cases: Illinois Mayer Settles Municipal Bond Fraud Charges for $10K, Ethiopia\u2019s Electric Utility Pays Over $6M to Resolve Bond Offering Violations, and Miami , Fla. Likely to Come Under Scrutiny in Civil Trial &#8212; Investor Lawyers Blog &#8212; June 12, 2016<\/title>\n<meta name=\"description\" content=\"Mayor of Harvey, Illinois Barred From Future Involvement In Muni Bond Offerings Eric J. Kellog, the mayor of Harvey, Illinois, will pay $10K to resolve &#8212; June 12, 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\/sec-bond-cases-illinois-mayer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Bond Cases: Illinois Mayer Settles Municipal Bond Fraud Charges for $10K, Ethiopia\u2019s Electric Utility Pays Over $6M to Resolve Bond Offering Violations, and Miami , Fla. 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Kellog, the mayor of Harvey, Illinois, will pay $10K to resolve &#8212; June 12, 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\/sec-bond-cases-illinois-mayer\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sec-bond-cases-illinois-mayer\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"SEC Bond Cases: Illinois Mayer Settles Municipal Bond Fraud Charges for $10K, Ethiopia\u2019s Electric Utility Pays Over $6M to Resolve Bond Offering Violations, and Miami , Fla. 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