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SEC Charges Five Former City Officials with Fraud for Roles in False Municipal Bond Filings

The Securities & Exchange Commission today (April 7) charged five former City officials with securities fraud for aiding in the concealment of negative information in municipal bond offerings. Charged were these former officials: Michael Uberuaga, city manager; Edward Ryan, auditor & comptroller; Patricia Frazier, deputy city manager for finance; Teresa Webster, assistant auditor & comptroller, and Mary Vattimo, city treasurer. According to the SEC, they all knew that the City was intentionally underfunding the pension program so it could increase pension benefits but defer costs. They were aware the City would have severe financial difficulty, but they did not put this information in bond prospectuses. Among many things, Uberuaga signed a closing letter for an offering, falsely certifying that it was accurate; Ryan signed letters falsely saying financial statements were accurate, and Frazier regularly reviewed the false statements. The commission previously sanctioned the City itself for securities fraud.

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The Securities & Exchange Commission today (April 7) charged five former City officials with securities fraud for aiding in the concealment of negative information in municipal bond offerings. Charged were these former officials: Michael Uberuaga, city manager; Edward Ryan, auditor & comptroller; Patricia Frazier, deputy city manager for finance; Teresa Webster, assistant auditor & comptroller, and Mary Vattimo, city treasurer. According to the SEC, they all knew that the City was intentionally underfunding the pension program so it could increase pension benefits but defer costs. They were aware the City would have severe financial difficulty, but they did not put this information in bond prospectuses. Among many things, Uberuaga signed a closing letter for an offering, falsely certifying that it was accurate; Ryan signed letters falsely saying financial statements were accurate, and Frazier regularly reviewed the false statements. The commission previously sanctioned the City itself for securities fraud.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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