Senior Montebello school officials misled investors about serious financial and management problems when they marketed $100 million in school construction bonds, the SEC alleges.
Senior Montebello school officials misled investors about serious financial and management problems in the district when they marketed $100 million in school construction bonds, federal investigators said in charges announced Thursday.
The superintendent agreed to the fine as part of a settlement that also included the school system. Under the settlement, neither Montebello Unified nor Martinez admitted wrongdoing. But the district agreed to establish proper procedures, provide appropriate training for its employees and hire an independent consultant to review district policies and procedures.Rojas faces trial in federal court, which could result in as yet unspecified civil penalties.
“Rojas received, reviewed and provided edits for multiple drafts of the Offering Documents, and was the only Montebello staff member whose approval was required before any of the three Offering Documents could be disseminated to investors,” the SEC alleges.
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