For the first time, the Securities and Exchange Commission has charged a municipal bond issuer with securities fraud for falsely claiming that it was compliant with annual disclosure obligations. An underwriting firm along with a supervisor also were charged for failing to research the accuracy of the bond issuer’s claim. In a report accompanying the release of the charges, the SEC cautioned other municipal bond issuers and underwriters that it will be vigilant in making sure that municipal issuers and underwriters comply with disclosure obligations.