Calif. City's Financial Practices Under SEC Microscope

Law360, New York (July 26, 2012, 7:47 PM EDT) -- Joining the flurry of California cities facing serious economic problems, the city of Victorville is under investigation by the U.S. Securities and Exchange Commission and could face a lawsuit over its financial practices, Victorville's city attorney confirmed Thursday.

City Attorney Andre de Bortnowsky said that Victorville had received subpoenas from the SEC and had submitted thousands of pages of documents to the commission, adding that the investigation seems to have “no immediate end in sight.”

“It almost appears as if the SEC is on a 'fishing...
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