San Diego Officials Broke Law To Hide Debt

Law360, New York (August 9, 2006, 12:00 AM EDT) -- A panel charged with investigating the dire pension problems faced by the city of San Diego has said that city officials broke federal securities laws in order to hide the city’s $1.4 billion debt.

The group of experts from risk management firm Kroll Inc., headed by former U.S. Securities and Exchange Commission chairman Arthur Levitt, recently completed an investigation into deficits in the city’s pension fund for public employees, launched at the behest of city officials.

The 266-page Kroll Report, the fruit of the 18-month, $20...
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