ADMINISTRATIVE PROCEEDING
File No. 3-21509

June 30, 2023 – The Securities and Exchange Commission today announced settled charges against Robert L. Benecke d/b/a Benecke Economics (“Benecke”) for failing to register as a municipal advisor and for failing to disclose material facts about his registration status to his municipal entity clients.  

The SEC’s order finds that from May 2019 through May 2022, Benecke provided municipal advisory services in connection with eight municipal bond issuances for the benefit of three New Jersey municipal entities.  These services included providing advice on the structure, timing, and terms of the issuances, preparing debt service and maturity schedules, coordinating the credit rating process, and reviewing and revising official statements in connection with the issuances.  Benecke was not registered with the Commission when he provided these services.  Benecke did not disclose to his clients that he was not a registered municipal advisor, despite knowing that he was required to be registered.

The order charges Benecke with willful violations of the registration provisions of Section 15B(a)(1)(B) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule A-12 of the Municipal Securities Rulemaking Board (“MSRB”).  The order also charges Benecke with willful violations of MSRB Rule G-17 and Exchange Act Section 15B(c)(1).  Without admitting or denying the findings in the order, Benecke agreed to a cease-and-desist order barring Benecke from association with various regulated entities, including municipal advisors. The order also imposes a civil penalty of $60,000.

The SEC’s investigation was conducted by Cori Shepherd Whitten and supervised by Ivonia K. Slade of the Enforcement Division’s Public Finance Abuse Unit.  The investigation arose from research and a resulting referral by the staff of the SEC’s Division of Examinations Office of Broker-Dealer Exchanges, including Rachelle Galloway.