The Securities and Exchange Commission has charged Kings Canyon Joint Unified School District in California with misleading bond investors about its failure to provide contractually required financial information and notices. According to the SEC, this is the first case of its kind to be resolved under a new agency initiative related to materially inaccurate statements in municipal bond offering documents.
According to the SEC, in a bond offering in 2010, Kings Canyon school district, which serves students in Fresno and Tulare, falsely told investors that it had complied with its prior continuing disclosure obligations from previous bond offerings. The agency found that in fact between at least 2008 and 2010, Kings Canyon had not submitted some of the required disclosures.
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