SEC Settles Fraud Charges Against San Diego Auditor

Law360, New York (December 12, 2007, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has settled a civil case against the former independent auditor of San Diego over allegedly false and misleading financial statements in municipal bond offerings.

According to the the SEC, the independent auditor, Thomas J. Saiz, and his firm Calderon Jaham & Osborn issued unqualified audit reports on five bond offerings in 2002 and 2003 that contained misleading material about San Diego's pension and retiree health care obligations.

Without admitting or denying the allegations in the complaint, Saiz has agreed to...
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