Politics & Regulation

Former San Diego officials to pay SEC penalties


Four former San Diego executives have agreed to pay financial penalties for their roles in misleading investors in municipal bonds when it came to relating the city’s pension and retiree health care obligations.

It’s the first time that the SEC has secured financial penalties against city officials in a municipal bond fraud case.

The SEC filed charges in April 2008 against former San Diego city manager Michael Uberuaga, former auditor and comptroller Edward Ryan, former deputy city manager for finance Patricia Frazier, and former city treasurer Mary Vattimo.

The SEC alleged that the officials knew the city had been