SEC Charges Municipal Advisor with Failing to Register with the Commission

ADMINISTRATIVE PROCEEDING
File No. 3-22480

June 2, 2025 – The Securities and Exchange Commission today announced settled charges against Utah-based Highmark School Development, LLC, for failing to register as a municipal advisor.

The SEC’s order finds that from 2019 to 2023, Highmark provided municipal advisory services in connection with five municipal securities issuances for the benefit of five charter schools. These services included providing advice to the charter schools on the structure, timing, and terms of the issuances. Highmark was not registered as a municipal advisor when it provided these services.

The Commission’s order finds that Highmark willfully violated the registration requirements of Section 15B(a)(1)(B) of the Securities Exchange Act of 1934. Without admitting or denying the order’s findings, Highmark consented to a cease-and-desist order, a censure, and a civil penalty of $40,000. Highmark also agreed to certain voluntary undertakings.

The investigation was conducted by Joni Ostler and supervised by Tanya Beard, both of the SEC’s Denver Regional Office, as well as Rebecca Olsen of the Enforcement Division’s Public Finance Abuse Unit.