SEC investigating $70 million in bonds issued by Bell

[cal04]

Source: LA Times

The Securities and Exchange Commission is the latest agency to investigate Bell, launching a probe into the sale of three city bonds totaling $70 million.

The investigation comes after California state auditors raised questions about how the bond money was being used, including one involving a sports park that has yet to be built.

The SEC has asked for documents involving nine current and former Bell leaders, according to the subpoena, a copy of which was obtained by The Times. The subpoena also requires them to testify before the SEC.

The subpoena asks for documents surrounding the sale of $9.25 million in pension obligation bonds in 2005, $26.3 million in taxable bond anticipation notes in 2006 and $35 million in general obligation bonds in 2007.

Read more: http://latimesblogs.latimes.com/lanow/2010/10/sec-investigating-70-million-in-bonds-issued-by-bell.html

[defendandprotect]

1. K&R --- "the latest agency to investigate Bell .... " hmmm...

[Omaha Steve]

2. How did they get by with all this for so long?

K&R!