Port Authority Admits It Didn't Tell Investors About Risks In Roadway Projects

The Port Authority of New York and New Jersey is paying a $400,000 fine to the Securities and Exchange Commission and admitting allegations it didn't tell investors about risks from New Jersey roadway projects. The SEC's order finds that the Port Authority offered and sold $2.3 billion worth of bonds to investors despite internal discussions about whether certain projects outlined in offering documents, including the Pulaski Skyway, ventured outside its mandate and potentially weren't legal to pursue. The SEC said the Port Authority has become the first municipal issues to admit wrongdoing in an SEC enforcement action.