SEC's Allen Park Action a Warning for Issuers.

The article reports on the decision of the U.S. Securities and Exchange Commission (SEC) to charge the city of Allen Park in Michigan and two former city leaders including former mayor Gary Burtka with fraud in connection with municipal bonds sold to finance a movie studio project in the city. The agency charged Burtka under Section 20(a) of its Securities and Exchange Act related to control person liability. Also mentioned is the impact of this move on public leaders and issuers.