SEC Looking into San Bernardino’s Finances

The Los Angeles Times reported this week that the United States Securities and Exchange Commission has launched in inquiry into the finances of the City of San Bernardino.

The Times article states:

The Oct. 11 letter from the commission’s office of enforcement to the city said the regulatory agency had opened an “informal inquiry” and requested that the city and its joint powers financing authority not alter or destroy financial documents and a list of records relating to the city’s bond issuances and financial state, including communications with underwriters, financial advisors and bond counsel.

According to the SEC’s website, “The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.”