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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
POOLS SECURITIES ORANGE COUNTY INVESTMENT SUPERVISORS CALIFORNIA RAABE DISTRICT OFFERINGS REINVESTMENT NOTES CITRON COMMISSION ENFORCEMENT ACTIONS FUNDS FLOOD CONTROL DISCLOSURE VIOLATIONS EXCHANGE COMMISSION DESIST ADMINISTRATIVE PROCEEDING ENFORCEMENT ACTIONS RELATING UNITED STATES INVESTMENT STRATEGY REVERSE REPURCHASE MUNICIPAL SECURITIES MATERIAL INFORMATION TRANS DISCLOSE MATERIAL INFORMATION COMMINGLED POOL TEETER NOTES |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14792 / January 24, 1996
SEC INITIATES ACTIONS IN ORANGE COUNTY INVESTIGATION
SA CV 96-0074 AHS (EEx)
The United States Securities and Exchange Commission
announced that on January 24, 1996, the Commission brought its
first enforcement actions relating to the Commission's
investigation into the financial collapse of Orange County,
California and the Orange County Investment Pools (the "County
Pools"). Specifically, the enforcement actions taken by the
Commission today are:
ù the filing of a complaint in the United States District
Court against former Orange County Treasurer-Tax
Collector Robert L. "Bob" Citron and former Assistant
Treasurer Matthew R. Raabe
ù the institution of a cease and desist administrative
proceeding and the entry of a cease and desist order
against Orange County, the Orange County Flood Control
District and the Orange County Board of Supervisors
All of the above parties were charged with violations of the
antifraud provisions of the federal securities laws, Section
17(a) of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Citron and Raabe, without admitting or denying the allegations in
the complaint, consented to the entry of final judgments of
permanent injunction, enjoining them from future violations of
the antifraud provisions. Orange County, the Flood Control
District and the Board of Supervisors submitted an Offer of
Settlement, in which, without admitting or denying the findings,
they consented to the entry of an Order which makes findings and
orders them to cease and desist from committing or causing any
violation and any future violation of the antifraud provisions.
In addition, all of the parties agreed to cooperate with
Commission staff in the continuing investigation and any
resulting litigation.
Also on January 24, the Commission issued a Report of
Investigation concerning the conduct of individual members of the
Board of Supervisors, namely, Thomas F. Riley, William G.
Steiner, Roger R. Stanton, Gaddi H. Vasquez and Harriett M.
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