The SEC has launched an investigation into how the Miami Marlins secured public funds to build their $634 million new stadium, the Miami Herald reports.
The team received $500 million in county and city bonds to build the stadium when its owner Jeffrey Loria cried poor and threatened to leave Miami if he couldn't get a new publicly-financed stadium.
The team was never required to open their books and prove they were losing money.
But in 2010, Deadspin got their hands on the Marlins' financials and revealed that the team was actually doing fine financially (turning a $33 million profit in 2008 and 2009).
Now the SEC is looking into how the deal went down to see if any securities laws were broken.
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