US - The Securities and Exchange Commission (SEC) has settled its civil fraud case against Thomas J. Saiz, the former outside auditor of San Diego.
Saiz and his firm, Calderon, Jaham & Osborn (CJO) claimed the city's funding method contained provisions to ensure the sustainability of the pension fund at a certain level, the pension's actuary believed the City's funding methodology top be excellent and the under funding of the pension plan was funded through a reserve.
All of the above statements were later proven to be false and the SEC alleged Saiz and the firm were fully aware of this at the time.
Current city attorney of San Diego, Michael Aguirre, said: "The SEC's action should raise a cautionary flag for City officals as we prepare to finalise the City's 2005 and 2006 financial statements."
The revelations of financial deception forced San Diego to exit the municipal bonds market, although the City hopes to be able to issue them again early next year. Saiz was ordered to pay a $15,000 fine, which he did not contest.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.