Tag: Government fraud

SEC orders Kansas to stop doing what it did under Sebelius and Parkinson
Kansas state government

SEC orders Kansas to stop doing what it did under Sebelius and Parkinson

The Securities and Exchange Commission found that Kansas mislead bond investors. It ordered the state to implement reforms, which it has. According to a press release from the Securities and Exchange Commission, the State of Kansas "failed to disclose that the state’s pension system was significantly underfunded, and the unfunded pension liability created a repayment risk for investors in those bonds." This refers to a series of eight debt, or bond, issues in 2009 and 2010. Collectively they were worth $273 million. The SEC press release explains: According to the SEC’s order against Kansas, the series of bond offerings were issued through the Kansas Development Finance Authority (KDFA) on behalf of the state and its agencies. According to one study at the time, the Kansas Public Emplo...
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