SEC Sues City Of San Diego’s Auditors

SAN DIEGO (CN) - The City of San Diego's independent auditors for 2001 and 2002, Thomas Saiz and Calderon, Jaham & Osborn certified false and misleading statements about the city's funding of its employees' pension and health care plans, and falsely stated that the city followed generally accepting accounting principles, allowing the city to sell $261 million in municipal securities, the SEC claims in Federal Court. See complaint.

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