Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
The former mayor of Markham, Ill., Dec. 1 settled SEC allegations that he accepted a $75,000 bribe related to the city’s $5.5 million municipal bond offering in 2012.
Ex-mayor David Webb Jr. allegedly solicited the payment from a construction contractor based on promises to steer a multi-million dollar construction project, to be paid for with bond proceeds, the contractor’s way, the Securities and Exchange Commission said.
A month later, at a city council meeting to discuss the proposed deal, Webb was asked by a woman present about the possibility bond proceeds would be used improperly. Webb assured the city council that “I don’t make deals,” even though he had solicited and accepted the bribe, the SEC said in a complaint filed in the U.S. District Court for the Northern District of Illinois. Later, at the same meeting, the city council approved the issuance of the bonds, the SEC said.
In the settlement, Webb agreed to be barred from future violations of federal securities laws and from participating in muni bond offerings. The court will determine the amount of any disgorgement and/or penalties, the agency said.
Webb also has been indicted on related criminal charges. His attorney couldn’t be identified for comment.
The SEC case is SEC v. Webb , N.D. Ill., 1:17-cv-8685, 12/1/17 . The criminal case is United States v. Webb , N.D. Ill., No. 17-cr-656, 11/30/17 .
To contact the reporter on this story: Phyllis Diamond in Washington at email@example.com
To contact the editor responsible for this story: Seth Stern at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)