SEC Opens Inquiry Into Bankrupt Calif. City

Law360, New York (October 17, 2012, 12:52 PM EDT) -- Government regulators have begun an informal inquiry into the securities sales practices of bankrupt San Bernardino, Calif., according to a Thursday letter to the city from the U.S. Securities and Exchange Commission.

In a letter to San Bernardino attorney James Penman, the SEC asked the city to preserve a host of documents as part of the inquiry into its finances.

Those documents include “the city's offer or sale of securities, including, but not limited to, general obligation bonds, revenue bonds, housing bonds, tax anticipation notes, certificates...
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