Dive Brief:
- The Sweetwater Union High School District and its former CFO, Karen Michel, settled claims that they misled investors in a $28 million municipal bond offering, the Securities and Exchange Commission says.
- The SEC alleged that Michel and the Chula Vista, Calif.-based school district, in San Diego County, gave investors misleading budget projections and hid the fact that its finances “were severely strained.”
- Michel and the public school district said the district would conclude 2021 with $19.5 million in its general fund, the SEC alleges, but later revealed that the school had overspent its budget by $28 million, resulting in a year-end deficit of $7.2 million.
CFO Dive
by Jane Thier
Sept. 17, 2021