Central California school district settles federal charges
A California school district accused of misleading investors reached a settlement deal with federal authorities, the Securities & Exchange Commission (SEC) confirmed on Tuesday.
The SEC said in a statement that the management team at Kings Canyon Joint Unified School District, located in Reedley halfway between San Francisco and Los Angeles, has promised that it would not make the same mistake again and that it would adopt written policies to make sure no repeats of the faults.
Federal authorities had pulled the school district under scanner in 2010 after it issued bonds worth $6.8 million, but did not disclose that it had failed to make obligatory financial disclosures on a total of three earlier occasions.
Under an initiative that started in March and set to expire in September this year, the enforcement division of SEC agreed to advise uniform settlement terms for issuers & underwriters who self-reported or those who were already under probe for breaches involving continuing disclosure obligations.
Jeffrey Kuhn, defense counsel for the school district, said, "There were inadvertent errors in the way they handled things. The school district is glad they were able to resolve the matter amicably with the SEC."
As many as 10,000 students attend the Central California school district's 20 schools.
The Kings Canyon Joint Unified School District was neither fined nor did it have to admit to the charges.
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