- Associated Press - Tuesday, December 6, 2016

MIAMI (AP) - A federal judge has reduced the fine of a former city of Miami budget director who was accused of masterminding a scheme to hide budget losses from bond investors.

The Miami Herald (https://hrld.us/2hdIo4J ) reports that the judge said Monday that Michael Boudreaux must pay a $15,000 penalty instead of the $450,000 fine sought by the Securities and Exchange Commission.

U.S. District Judge Cecilia Altonaga said the original fine was overreaching and punitive.

Last September, a federal jury found that the city of Miami had engaged in a scheme to hide budget losses from bond investors by shifting tens of millions between accounts.

It was the first municipal securities fraud case brought by the SEC.

Boudreaux maintained his innocence throughout the case.

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Information from: The Miami Herald, https://www.herald.com


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