ATLANTA -- The Securities and Exchange Commission has launched a probe into the role of two state representatives in the 1992 sale by Margate, Fla., of $18.9 million of bonds underwritten by Clayton Brown & Associates.

In a two-page letter sent on June 6 to Leonard Golub, Margate's city manager, the SEC requested all documents relating to "the selection of participants in the underwriting" and "any person representing or acting as a consultant" for Clayton Brown on the December 1992 transactions.

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