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Securities and Exchange Commission Files Charges Against Former City Officials

Audio

Aired 4/19/09

Tom Fudge: Yesterday, the Securities and Exchange Commission filed civil fraud charges against five former San Diego city officials. The officials include former city manager Michael Uberuaga, former auditor Ed Ryan and former city treasurer Mary Vattimo. Basically, these officials are accused of knowingly misleading bond investors by not revealing the precarious financial situation the city was in, given its ballooning pension deficit. The city of San Diego is still unable to borrow money on the public bond market, given its pension deficit. So far, no elected San Diego officials, that's to say no members of the city council, have been hit with charges.

Yesterday's big news elicited comments from several people, including Mayor Jerry Sanders and City Attorney Mike Aguirre.

 

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