Former city of Miami budget director Michael Boudreaux has asked a federal judge to grant him a new trial against the Securities and Exchange Commission and vacate a $15,000 judgment against him.
In September, a federal jury found Boudreaux had violated three of the four counts brought against him by the SEC, which said he and the city of Miami government engineered a $153 million securities fraud scheme by hiding gaping budget losses in order to sell municipal bonds on the market.
The city, which was also found liable of violating the securities and exchange acts by the jury, settled with the SEC for $1 million.
Boudreaux’s attorney Benedict Kuehne argued in a motion filed Tuesday that his client was the victim of misrepresentations and omissions by the SEC, and that the federal regulator held him accountable for actions over which he had no control as the city published documents about its finances and implemented his recommendations.
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Most importantly, Kuehne argued that Judge Cecilia Altonaga unfairly allowed the jury to consider the city’s previous securities violations in the 1990s — before Boudreaux was a Miami employee — and thereby label him a repeat offender.
“Mr. Boudreaux remains confident of vindication because, at all times, he acted in the best of good faith on information known at the time to best serve the public interest,” Kuehne said in a statement.
Kuehne asked Altonaga to grant him a hearing no longer than an hour to make his case for a new trial.