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Dealers in municipal securities are required to disclose material information about the securities to investors and, as with any security, securities laws prohibit any person from making a false or misleading statement of material fact, or omitting to state any material fact, in connection with the offer, purchase, or sale of any municipal security. Thus, a failure to comply with these laws in connection with the purchase or sale of municipal securities would be an actionable securities violation subject to SEC enforcement.
In recent years, on average, 1.5% of all SEC whistleblower tips have involved this type of securities violation.