On May 6, 2013, the SEC charged the City of Harrisburg, Pennsylvania with securities fraud stemming from the release of misleading public information regarding the City’s financial situation. The release of the misleading statements and financial information occurred during a time when the City also failed to comply with its continuing disclosure requirements under several agreements undertaken pursuant to Rule 15c2-12 of the 1934 Exchange Act. Between 2009 and 2011, the City failed to submit its annual financial information, audited financial statements, failure to file notices and material event notices to EMMA. At the same time, the City was releasing inaccurate financial information on its website and made misleading public statements that downplayed the distressed financial condition of the City, which is currently under state receivership. This marks the first time a municipality has been charged with making misleading statements outside of its securities disclosure documents. The SEC Order is available here, and a report of the investigation is available here.