Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, December 11, 2007

SEC Settles Fraud Charges Against San Diego's Independent Auditor

The SEC filed a settled civil fraud action yesterday against San Diego's independent auditor, Thomas J. Saiz and his firm, Calderon, Jaham & Osborn (CJO), in connection with the city's false and misleading financial statements in five 2002 and 2003 bond offerings.  According to the complaint, the independent auditor issued unqualified audit reports on the bond offerings that raised $260 million from investors but contained materially false and misleading information about San Diego's pension and retiree health care obligations.  It also charges that they failed to comply with generally accepted accounting standards, were not knowledgeable about San Diego, and failed to obtain sufficient competent evidential matter.

SEC Action | Permalink

TrackBack URL for this entry:

Listed below are links to weblogs that reference SEC Settles Fraud Charges Against San Diego's Independent Auditor:


Post a comment