George K. Baum & Co., a Kansas City based firm that also serves as bond counsel for USD 231, will pay fines to the Securities and Exchange Commission for allegedly selling municipal bonds with incomplete documents.
The Kansas City Business Journal reports that Baum & Co. is one of 36 firms that will pay fines in an SEC initiative. Baum & Co. will pay $250,000 and voluntarily reported violations in return for favorable settlement terms, though none of the firms admitted or denied the SEC’s findings.
According to the Business Journal, the 36 firms allegedly sold bonds using documents with materially false statements or omissions about insurance compliance.