SEC Settles San Diego Municipal Bond Fraud Case

Law360, New York (October 27, 2010, 6:25 PM EDT) -- The U.S. Securities and Exchange Commission announced Wednesday that it has reached a settlement with four former San Diego city officials accused of deceiving municipal bond investors about the extent of the city’s financial woes stemming from pension and retiree health care obligations.

Former San Diego City Manager Michael Uberuaga, former Auditor and Comptroller Edward Ryan, former Deputy City Manager for Finance Patricia Frazier and former City Treasurer Mary Vattimo all agreed to pay financial penalties in return for the SEC dropping its securities fraud lawsuit...
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