The Securities and Exchange Commission has filed securities fraud charges against five former San Diego officials who failed to adequately disclose problems with the city's municipal bonds in 2002 and 2003.
The SEC accused the former officials of not disclosing funding problems with San Diego's pension and retiree health care systems, violations that placed the city in financial jeopardy. The SEC filed its complaint in a San Diego federal district court against former city manager Michael Uberuaga, former city treasurer Mary Vattimo, former auditor and comptroller Edward Ryan, former deputy city manager of finance Patricia Frazier, and former assistant auditor and comptroller Teresa Webster.
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