{"id":1481,"date":"2014-07-11T17:52:45","date_gmt":"2014-07-11T17:52:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/07\/sec_accuses_california_school"},"modified":"2022-03-11T13:23:56","modified_gmt":"2022-03-11T19:23:56","slug":"sec-accuses-california-school","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-accuses-california-school\/","title":{"rendered":"SEC Accuses California School District of Misleading Municipal Bond Investors"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission is accusing Kings Canyon Joint Unified School District of not giving municipal bond i<\/a>nvestors the financial data and notices to which they were entitled. The California school district settled the SEC’s findings without denying or admitting to the charges. Kings Canyon has consented to an order to cease and desist from future violations of the Securities Act’s Section 17(a). <\/p>\n

During a 2010 bond offering, Kings Canyon affirmed to investors that the school district was in compliance with previous continuing disclosure duties. In three bond offerings totally more than $30 million between ’06 and ’07-of 419 million, $4.5 million, and $6.7 million, respectively-Kings Canyon had a contractual duty to disclose specific yearly financial data and notices about certain bond-related events. <\/p>\n

For example, says the SEC, when Kings Canyon performed a $6.8 million bond offering in 2010, the school district was obligated to describe whenever it hadn’t materially complied with previous disclosure duties. With its 2010 offering documents in a fourth, muni bond offering-this one of $6.8 million-the school district made statements that were inaccurate when it affirmed that in the last five years it had always complied materially with past ongoing disclosure duties. She SEC said that since Kings Canyon did not turn in certain contractually mandated disclosures related to the 2006 and 2007 bond offerings, the bond offering document in November 2010 had a statement about a material fact that wasn’t true.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission is accusing Kings Canyon Joint Unified School District of not giving municipal bond investors the financial data and notices to which they were entitled. The California school district settled the SEC’s findings without denying or admitting to the charges. Kings Canyon has consented to an order to cease and desist […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922],"tags":[],"class_list":["post-1481","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds"],"yoast_head":"\nSEC Accuses California School District of Misleading Municipal Bond Investors — Investor Lawyers Blog — July 11, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission is accusing Kings Canyon Joint Unified School District of not giving municipal bond investors the financial data — July 11, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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