The Securities and Exchange Commission settled a civil fraud action against the city of San Diego's independent auditor, Thomas J. Saiz and his firm Calderon, Jaham & Osborn, after he agreed to pay a $15,000 penalty.

The auditor issued unqualified audit reports on five of the city's 2002 and 2003 bond offerings that raised $260 million from investors. But the SEC said the audit reports contained false and misleading information about San Diego's pension and retiree health care obligations.

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