Enforcement Action Obtains Relief Against Defendants in Pay-to-Play Case, Including Former Treasurer of the City of Chicago

Defendants Burns and Hollendoner were registered representatives associated with registered broker-dealers, who allegedly made thousands of dollars in secret cash payments to Santos, the former Treasurer of the City of Chicago. The payments led to thousands of dollars in broker compensation from City business that Burns and Hollendoner otherwise would not have earned. SEC charged that some of the payola was treated as campaign contributions, and some was used by Santos for her own personal, political and financial benefit, including to purchase $7,500 worth of office furniture for her “Santos for Attorney General” campaign headquarters in or about March 1998.