WASHINGTON — Four former San Diego officials have agreed to pay civil penalties totaling $80,000 to settle charges with the Securities and Exchange Commission that they were negligent in misleading investors about the city’s pension and retiree health care liabilities.
The settlements, which were agreed to earlier this year but not publicly released until Friday, mark the first time issuer officials have had to pay civil penalties in connection with an SEC enforcement action. U.S. District Judge Dana Sabraw must still sign off on the settlements, according to the San Diego Union Tribune, which reported on them Wednesday morning.
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