I am forwarding a decision in an SEC action against Victorville, CA and various of its officials. We supported Miami in the 11th Circuit to try to convince the court that qualified immunity should apply to civil penalties assessed by the SEC. We were unsuccessful. In this matter the SEC has again been able to defeat the defense of qualified immunity. A troubling aspect of this result is that the court denied the SEC's effort to prevent the city and its officials from raising the "reliance on professionals" defense. While that defense is certainly important, one might think it coalesces with the defense of qualified immunity under these circumstances and that the QI defense also should be allowed. Bottom line - city and county attorneys must renew efforts to stress the importance of disclosure and accuracy in bond offerings. Please let me know if you have any questions or suggestions for programming on this topic. Chuck From: Robert Doty [mailto:robert.doty@agfs.com] Sent: Tuesday, June 6, 2017 10:00 AM To: Erich Eiselt <eeiselt@imla.org>; julian.grant@yahoo.com; Amanda Kellar <akellar@imla.org>; Caitlin Cutchin <ccutchin@imla.org>; Chuck Thompson <cthompson@imla.org>; Veronica Kleffner <vkleffner@imla.org> Subject: Decision on Qualified Immunity I am attaching another decision denying the defense of qualified immunity when the SEC is seeking civil penalties (see beginning at page 70). The Court did not do the same regarding disgorgement, but the SEC had failed to assert a claim for disgorgement. Robert Doty [http://www.agfs.com/images/logo.gif](r) Reg. U.S. Pat. & TM Off. AGFS CONTACT INFORMATION: Email: robert.doty@agfs.com<mailto:robert.doty@agfs.com> Telephone: (916) 761-3432 Website: www.agfs.com<http://www.agfs.com/> 420 Chinquapin Round Road Suite 2-i Annapolis, MD 21401 IRS Circular 230 Notice: To comply with U.S. Treasury regulations, we advise you that any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, to avoid any U.S. federal tax penalties or to promote, market, or recommend to another party any transaction or matter. NOTICE: This email message and all attachments transmitted with it are intended solely for the use of the addressees and may contain legally privileged, protected or confidential information. If you have received this message in error, please notify the sender immediately by email reply and please delete this message from your computer and destroy any copies.