“The city is up to bat for the third strike, and ironically, it is about the Marlins Ballpark,” said Thomas Tew, who defended the city in the last round of SEC proceedings. “You would ask, ‘When are they going to get religion here?’ ”

As for Monday’s letter from the SEC, securities investigators are believed to have examined six bond sales, three in 2007 totaling $233 million, and three more in 2009 valued at $153.9 million. They also looked at two restricted pots of money — a gas tax and impact fees — that the city transferred into the general fund.

The city auditor at the time, Victor Igwe, flagged the questionable budget transfers in a pair of audits, calling them “illegal.’’ Commissioners allowed his employment contract to expire in June 2011. He later filed a whistleblower lawsuit alleging he lost his job because he was cooperating with the SEC.

The SEC combed through thousands of budget documents, memos and emails. Miami shelled out more than $1.4 million defending itself.

Miami and Boudreaux have until Aug. 6 to make their cases to the agency. Then, both sides will either agree on a settlement or the SEC staff will recommend charges to the five-member SEC board.

“The odds are, you’re going to be charged,” Chase said.

Chase said he would be surprised if the SEC fines Miami because taxpayers would have to foot the bill. As for a cease-and-desist order, it would be akin to a slap on the wrist, he said.

“There’s only so much you can do to a city,” he said. “You have to go after individuals.”

That seems to be the latest trend. In San Diego, four top administrators blamed for shady bond deals settled with federal authorities in 2010 by agreeing to pay $80,000 in fines. Though the group admitted no wrongdoing, it agreed bond investors were misled by some financial moves.

Boudreaux was the budget director responsible for the two transfers from the capital accounts to general-fund coffers, totaling $26.4 million, that have gotten Miami into trouble. He was fired in March 2010 by then-City Manager Carlos Migoya.

Boudreaux has since filed a whistleblower lawsuit alleging he was ousted for refusing to mislead SEC investigators.

“Mike thinks he’s just a scapegoat for a city and for a system,” said his attorney, Michael Pizzi. “Mike believes he’s a pawn. He’s being blamed for decisions made by Manny Diaz and the former administration and it’s just incredibly unfair.”

The latest securities allegations are strikingly similar to the last time the SEC looked at the city’s books. An SEC administrative judge ultimately ruled that the city had misled investors in 1995 by defrauding bondholders and failing to disclose the depth of the city’s financial woes.

In 2001, the judge found that Miami created the appearance of a balanced budget by using money from separate accounts to fill gaps in the general fund. The SEC found that city administrators borrowed money from hundreds of capital projects accounts over a six-year period, and that the moves were never properly disclosed to investors.

Back then, the city used the bogus numbers to support the sale of $116.5 million worth of bonds, including one to help cover pension costs.

In the end, the judge issued a cease-and-desist order forbidding the city from repeating such practices.

Miami later passed a “financial integrity’’ ordinance, mandating that the city keep approximately 10 percent of its total budget — or about $85 million currently — in reserves. If the city dips below that number, the administration is supposed to come up with a two-year plan to replenish the account. It’s been almost five years since the city held that much in reserve, yet no plan has ever been put in place.

Stierheim said findings of fraud involving taxpayer money “shake public confidence.”

But Commission Vice Chairman Marc Sarnoff insists the city’s financial culture has changed since the bond issues facing scrutiny.

“A new CFO and financial team have been put in place,” he said. “It is a conservative team and a conservative commission. I would have a lot of confidence in this city.”