UPDATE 1-Former San Diego officials to settle fraud charges

WASHINGTON, Oct 27 (BestGrowthStock) – Former San Diego officials
will pay financial penalties to settle charges that they misled
investors about the city’s municipal bonds, the U.S. Securities
and Exchange Commission said on Wednesday.

The former city officials were accused of not telling
investors about San Diego’s severe funding problems in 2002 and
2003 bond documents even though the officials were aware of the
fiscal issues.

The SEC said San Diego’s former city manager, auditor and
comptroller and deputy city manager each agreed to pay $25,000
to settle fraud charges. The city’s former treasurer agreed to
pay $5,000 to resolve the charges. The agreement still needs
court approval.

The former officials did not admit to or deny the
allegations.
(Reporting by Rachelle Younglai; Editing by Derek Caney)

UPDATE 1-Former San Diego officials to settle fraud charges