On November 5, 2013, the SEC filed settled administrative proceedings against Piper Jaffray & Co. According to the SEC: "In 2011, the Greater Wenatchee Regional Events Center Public Facilities District ('District') defaulted on $41.77 million in Bond Anticipation Notes ('BANs') it had issued in November 2008 to finance a multi-use arena and ice hockey rink (the 'Regional Center') located in the City of Wenatchee, Washington (the 'City'). Piper Jaffray & Co. ('Piper') served as the sole underwriter for the BANs and Jane Towery was the lead investment banker. The Official Statement for the BANs was materially false and misleading."

On November 5, 2013, the SEC charged the Greater Wenatchee Regional Events Center Public Facilities District, a municipal issuer in the state of Washington's Wenatchee Valley region, with misleading investors in a bond offering that financed the construction of a regional events center and ice hockey arena. The SEC's settled administrative proceedings also name the developer Global Entertainment Corporation and its then-president and CEO Richard Kozuback, the underwriter Piper Jaffray & Co. and its lead investment banker Jane Towery, and Allison Williams, a senior staff member for the Greater Wenatchee Regional Events Center Public Facilities District who certified the accuracy of the official statement. In settling the SEC's charges, Piper Jaffray & Co. and Towery agreed to be censured and pay penalties of $300,000 and $25,000, respectively. The SEC's order also requires Piper Jaffray & Co. to retain an independent consultant to conduct a review of the firm's municipal underwriting due diligence policies and procedures as well as its supervisory policies and procedures relating to municipal underwriting due diligence.