MIAMI (CBSMiami.com) – The United States Securities & Exchange Commission have started an investigation into the financial information used for $500 million in bond sales and campaign contributions by the Marlins to elected leaders, according to CBS4 news partner the Miami Herald.
The SEC gave Miami and Miami-Dade County until January 6 to deliver all records including minutes of meetings between local leaders and Marlins staff and the financial records of the Miami Marlins dating back to 2007, the Herald reported.
The subpoenas issued focus mainly on the Marlins role in the construction of the new stadium. Specifically, the SEC is investigating the Marlins ability to pay or contribute to the construction of the stadium.
The Marlins refused to release their financial information during the fight over the funding of the stadium.
However, the website Deadspin.com managed to obtain the numbers and found that the Marlins’ claims of poverty were not true.
It’s the second SEC probe of activities relating to the city of Miami in the past two years. The city is under a separate SEC investigation into bond dealings that cost the city $1.4 million, according to the Herald.
The Herald had former SEC attorneys analyze the subpoenas and they concluded that the investigation centers on if the city did enough work on the Marlins’ finances and if the team was trying to illegally influence local politicians.
It’s a stain that the Marlins can’t afford as they move into their new stadium in 2012.
- Click here for more on the story from the Herald.