The Securities and Exchange Commission has charged Park View School, a state-funded, nonprofit charter school operator based in Prescott Valley, Arizona, and its former president, Debra Kay Slagle, with misleading investors in an April 2016 municipal bond offering.
According to the SEC's complaint, Park View and Slagle made false and misleading statements about Park View's financial condition, and did not disclose that the school had experienced significant operating losses and repeatedly made unauthorized withdrawals from two reserve accounts to cover routine operating expenses.
According to the complaint, investors purchased $7.6 million in bonds in the 2016 offering. A year later, Park View reduced the interest payments that it made on the bonds.
Without admitting or denying the allegations in the complaint, Slagle and Park View agreed to settle with the SEC. Slagle also agreed to pay a $30,000 penalty and to be enjoined from participating in future municipal securities offerings.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
