Federal agency serves subpoena on city
August 18, 2010 6:12 PM
VICTORVILLE • The federal Securities and Exchange Commission is investigating Victorville and has sent a subpoena to City Hall calling for records related to the city’s $480 million in bond debt.
“We are trying to determine whether there have been any violations of the federal securities laws,” a statement from the SEC informed the city. “The investigation and the subpoena do not mean that we have concluded that you or anyone else has broken the law. Also, the investigation does not mean that we have a negative opinion of any person, entity or security.”
The statement characterizes the investigation as a “non-public, fact-finding inquiry.” And so city spokeswoman Yvonne Hester said in an e-mailed response to a request for information, “Based on this statement from the SEC, the city will respect the fact that it is a non-public inquiry and will not comment at this time.”
The city has until Friday to respond to the SEC’s subpoena.
“We are fully complying with the SEC in their information request,” Hester said Wednesday, “and anticipate that we will meet the Friday deadline for information.”
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Brooke Edwards may be reached at (760) 955-5358 or at bedwards@VVDailyPress.com.