SAN DIEGO AP - The Securities and Exchange Commission filed a civil complaint Monday against five former San Diego city officials, alleging they committed fraud by concealing a ballooning shortfall in the city pension fund.The SEC said the officials knew the city was underfunding its pension obligations and failed to disclose the extent of its problems to bond-rating agencies or to the investors who bought city bonds in 2002 and 2003.
April 08, 2008 at 12:00 AM
1 minute read
SAN DIEGO AP – The Securities and Exchange Commission filed a civil complaint Monday against five former San Diego city officials, alleging they committed fraud by concealing a ballooning shortfall in the city pension fund.
The SEC said the officials knew the city was underfunding its pension obligations and failed to disclose the extent of its problems to bond-rating agencies or to the investors who bought city bonds in 2002 and 2003.
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