A Cobb County attorney said Tuesday that she filed a complaint with the U.S. Securities and Exchange Commission in relation to the county’s plan to issue up to $397 million in bonds for construction of the new Atlanta Braves stadium.
Susan McCoy said that she filed the complaint in March because municipal bonds are overseen by the SEC and she was unsettled by how quickly the Braves deal was approved by commissioners — just two weeks after the Braves made public their intention to move to Cobb County before the 2017 season.
“The SEC has jurisdiction if there is fraud or material misstatement,” in a bond issuance, McCoy said. When asked if she believes there has been fraud or misstatement, McCoy responded: “The full extent of what that means would have to come from them.”
The SEC does not comment on investigations or complaints. McCoy said she knows of at least two other complaints filed with the SEC.
Posted: 6:55 p.m. Tuesday, Sept. 9, 2014
By Dan Klepal
The Atlanta Journal-Constitution