Here's something you might be interested in.
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.
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.