The Securities and Exchange Commission has notified the city of Miami that no charges are likely from its four-year investigation into the financing of the Miami Marlins' stadium.
The SEC told city officials in a recent letter that no enforcement action would be recommended. The Miami Herald reported that the agency's investigation focused on whether bond investors were misled in the financing of the $634 million, retractable-roof ballpark.
Some SEC subpoenas also dealt with whether officials were unduly swayed by political campaign contributions.
The financing of the 37,000-seat stadium has long been controversial because the city of Miami and Miami-Dade County took on large debts to pay for its construction. The funding issue led voters to recall former Miami-Dade Mayor Carlos Alvarez in 2011.
