California City, Underwriter Misled Investors, SEC Says
U.S. regulators accused Victorville, California, and underwriters of lying to investors by inflating property values backing $13.3 million of municipal bonds to redevelop a closed air force base [George AFB] . … latimes.com
View: SEC Complaint – (PDF – 44 pages – 203 KB)
SEC amends fraud complaint
Victorville Daily Press
… 20 new elements which revolve largely around allegations that Metzler, who oversees Southern California Logistics Airport, failed to act while aware …
Allen Matkins Leck Gamble & Mallory | No Happy Trails For Victorville Tax …
Linex Legal (registration) (press release) – Apr 30, 2013
The complaint is a good example of how the SEC uses emails to make its case – there are 25 mentions of emails in the complaint. The SEC alleges that the property valuations were material to investors because the bond offerings involved tax increment …
SEC alleges city misled bond investors
The Reporter – Apr 30, 2013
VICTORVILLE (AP) — The U.S. Securities and Exchange Commission filed civil charges Monday against the city of Victorville, a city official and a local agency accusing them of misleading investors by inflating property values so they could issue municipal …
SEC Claims Calif . City Defrauded Airport Bond Investors
Law360 (subscription) – Apr 29, 2013
Victorville’s public information office said Monday that although the city hasn’t yet reviewed the SEC complaint, it has evidence to refute the agency’s claims over the airport bonds. Victorville, a fast-growing city located about 90 miles northeast of Los Angeles, …
SEC accuses city of Victorville, others of fraud in bond sale
Los Angeles Times – Apr 29, 2013
The SEC alleged that Victorville, its Southern California Logistics Airport Authority, an assistant city manager and bond underwriter Kinsell, Newcomb & DeDios Inc. in Carlsbad dramatically overstated the value of airport hangars to raise needed funds through …
SEC files civil charges against Victorville
Marin Independent Journal – Apr 29, 2013
The civil charges were filed against the city; Assistant City Manager Keith Metzler; the Southern California Logistics Airport Authority, which is controlled by Victorville and issued the bonds; and the bonds’ underwriter. The SEC alleges the city and others …
Dorsey & Whitney LLP | SEC Charges City and its Underwriter With Fraud
Linex Legal (registration) (press release) – Apr 29, 2013
SEC v. City of Victorville, Case No. EDCV 13-776 (C.D. Cal. Filed April 29, 2013). Over a two year period beginning in 2006 the Airport Authority, created to redevelop a 132 acre tract of land around a former Air Force base, offered and sold at least four tax …
SEC Sues California City, Alleging It Defrauded Muni Bond Investors
Wall Street Journal – Apr 29, 2013
The suit against Victorville, a community of about 118,000 in southern California, is the latest of a small but growing number of fraud cases the SEC’s municipal securities and public pensions unit has brought against state and local governments in recent …
SEC files civil charges against Victorville – Lompoc Record
Lompoc Record – Apr 29, 2013
The U.S. Securities and Exchange Commission filed civil charges Monday against the city of Victorville, a city official and a local agency accusing them of misleading investors by inflating property values so they could issue municipal bonds five years ago.
SEC files civil charges against Victorville, California
Washington Post – Apr 29, 2013
VICTORVILLE, Calif. — The Securities and Exchange Commission filed civil charges Monday against the city of Victorville, a city official and a local agency, accusing them of misleading investors by inflating property values so they could issue municipal …
SEC: California City, Kinsell, Newcomb Misled Investors – Moneynews
Apr 29, 2013
In borrowing documents provided to investors for that bond, the city claimed the hangers were worth $65 million, the SEC said. The case is Securities and Exchange Commission v. City of Victorville, 13-cv-00776, U.S. District Court, Central District of California …
SEC files civil charges against Victorville, airport authority over municipal bond …
The Republic – Apr 29, 2013
VICTORVILLE, California — The U.S. Securities and Exchange Commission filed civil charges Monday against the city of Victorville, a city official and a local agency accusing them of misleading investors by inflating property values so they could issue …
California City, Underwriter Misled Investors, SEC Says
Apr 29, 2013
In borrowing documents provided to investors for that bond, the city claimed the hangers were worth $65 million, the SEC said. The case is Securities and Exchange Commission v. City of Victorville, 13-cv-00776, U.S. District Court, Central District of California …
Victorville named in SEC complaint
KRNV My News 4 – Apr 29, 2013
The Securities and Exchange Commission announced Monday the civil charges against Victorville, Assistant City Manager Keith Metzler and the Southern California Logistics Airport Authority, which is controlled by Victorville and issued the bonds. The SEC …
SEC Claims Calif. City Defauded Airport Bond Investors
Law360 (subscription) – Apr 29, 2013
Law360, Los Angeles (April 29, 2013, 4:57 PM ET) — Officials in Victorville, Calif., fraudulently doubled the property value of four airport hangars to $65 million in an effort to inflate a bond request to finance their 2008 redevelopment, the U.S. Securities and …
SEC accuses Victorville of defrauding airport redevelopment investors
Inland Valley Daily Bulletin – Apr 29, 2013
In a complaint filed in U.S. District Court in Los Angeles, the SEC, which has been investigating Victorville’s bond debt since 2009, alleges that Victorville Assistant City Manager Keith Metzler and the owner and vice president of the Carlsbad-based investment …
Sin City, SEC edition
FT Alphaville (blog) – Apr 29, 2013
Now, is it right to throw the full SEC rule book at a ‘city’ entity? Roast the individuals involved by all means, once the facts are established. But should the 115,000 people of Victorville, San Bernardino County, have to carry the can here? How about the bank …
SEC accuses city of Victorville, officials of fraud
Los Angeles Times – Apr 29, 2013
… the SEC enforcement division. “Public officials have the same obligation as corporate officials to tell the truth to their investors.” A spokeswoman for the Victorville city manager’s office said the city would release a statement on the lawsuit Monday afternoon.
VICTORVILLE: SEC files fraud charges against city, others
Press-Enterprise – Apr 29, 2013
The SEC has filed charges alleging that Victorville Assistant City Manager Keith Metzler and the underwriting firm Kinsell, Newcomb & DeDios defrauded investors by inflating the value of property in a 2008 municipal bond offering by the Southern California …
SEC Charges City of Victorville, Underwriter, and Others with Defrauding …
Newsroom America – Apr 29, 2013
Washington, D.C., April 29, 2013 — The Securities and Exchange Commission today charged that the City of Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb & DeDios (KND), the underwriter of the …
SEC sues California city over defrauding bond investors
Thomson Reuters News & Insight – Apr 29, 2013
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Monday charged the California city of Victorville, along with an airport authority, a city official and underwriters Kinsell, Newcomb & De Dios, with defrauding investors by inflating …
UPDATE 1-SEC sues California city over defrauding bond investors
Globe and Mail – Apr 29, 2013
WASHINGTON, April 29 (Reuters) – The U.S. Securities and Exchange Commission on Monday charged the California city of Victorville, along with an airport authority, a city official and underwriters Kinsell, Newcomb & De Dios, with defrauding investors by …
SEC Charges City of Victorville And Others with Defrauding Municipal Bond …
Newsroom America – Apr 29, 2013
(Newsroom America) — The Securities and Exchange Commission has alleged that the City of Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb & DeDios (KND), the underwriter of the Airport Authority’s …
SEC sues California city over defrauding airport bond investors
Apr 29, 2013
WASHINGTON (Reuters) – The Securities and Exchange Commission on Monday charged the California city of Victorville, along with an airport authority, a city official and underwriters Kinsell, Newcomb & De Dios, with defrauding investors by inflating the …
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