SEC Sues Five Former San Diego Officials

Law360, New York (April 8, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed a fraud lawsuit against five former San Diego city officials, alleging that they were embroiled in a scheme to submit false and misleading financial statements in five bond offerings in 2002 and 2003 that raised more than $260 million.

The suit, which was filed Monday in the U.S. District Court for the Southern District of California, names former City Manager Michael T. Uberuaga, former Auditor and Comptroller Edward P. Ryan, former Deputy City Manager for Finance Patricia Frazier,...
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