Securities and Exchange Commission Rules against San Diego
By Katie Hauser
Published on November 16, 2006
As part of their settlement with the SEC, the city agreed never to commit another securities fraud violation. In addition, city officials must hire an independent financial oversight monitor for the next three years.
While no financial penalty was charged to the city, investigations into former and current city officials remain open.
In September, the city’s pension fund lost more than $100 million in investments due to the collapse of the hedge fund Amaranth Advisors.
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