The U.S. Securities and Exchange Commission is investigating the finances of the Sweetwater Union High School District. The San Diego Union-Tribune reports it obtained a copy of a letter in which the federal agency requests the preservation of documents and data relevant to the ongoing inquiry.
State officials who have also looked into Sweetwater’s finances found the district misrepresented its finances and was at risk of insolvency.
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"Since December, some observers have speculated whether Sweetwater’s alleged cover-up of its suffering finances helped the district pass a $403 million bond measure in November," Union-Tribune reporter Kristen Taketa wrote.
The district has said its financial problems are similar to what is being seen districts across the state: Rising pension and special education costs are eating up resources.
Taketa joins Midday Edition Tuesday with more on the investigation.
