SEC actions in Orange County investigation: misstatements and omissions alleged in the disclosure material for offerings of more than $2.1 billion in municipal securities.
Government Finance Review › Vol. 12 Nbr. 2, April 1996
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Summary
Includes excerpt of the statement of SEC Chairman Arthur Levitt on Orange County
The financial collapse of Orange County can be directly attributed to the misstatements and omissions in disclosure materials by Orange County Treasurer Robert Citron and his assistant Matthew Raabe regarding the county's sale of over $2.1 billion in municipal securities issued in 1993 and 1994. The documents failed to disclose the county's true financial condition. Neither was there any statement regarding Orange county's artificial increase of the size of its cash flow deficit.See the full content of this document
Extract
SEC actions in Orange County investigation: misstatements and omissions alleged in the disclosure material for offerings of more than $2.1 billion in municipal securities.
Editor's note: The following article presents excerpts from the Securities and Exchange Commission's (SEC) Litigation Release No. 14792, dated January 24, 1996.
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 [the following:] * 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, and * the institution of a cease and desist administrative proceeding and the entry of a cease and desist order against Orange County, the Orange County Flo...See the full content of this document
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