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January 11, 2017

Port Authority to pay $400K for misleading bond investors

NEW YORK (AP) — The Port Authority of New York and New Jersey will pay $400,000 to settle charges it misled investors by failing to disclose disputes within the agency about the legality of a scheme to use the authority's money to repair New Jersey roads, according to a settlement announced Tuesday.

The Securities and Exchange Commission says the Port Authority sold $2.3 billion worth of bonds to investors without revealing internal discussions about whether certain projects were legal to pursue. The projects included New Jersey's iconic Pulaski Skyway, which is featured in the opening of the HBO drama, “The Sopranos.”


 
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