SEC Rules San Diego Committed Securities Fraud
Tuesday, November 14, 2006
The SEC says the city failed to disclose to investors the scope of its billion dollar pension deficit. As part of a settlement deal, the city will hire an independent consultant to ensure compliance. The SEC has yet to determine if any further action will be taken against current and former city officials. Six former pension board members are already facing trial next year for under funding the city’s pension system.
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