Aug 15 The U.S. Securities and Exchange
Commission is reviewing bonds issued by West Contra Costa
Unified School District in California.
The federal agency requested information regarding general
obligation bonds issued by school district between 2009 and 2013
and about proposed refunding of the district's debt, according
to a supplement filed on August 7 that accompanied the official
statement of $77.46 million of general obligation refunding
The SEC's letter said that the investigation was "a
non-public, fact-finding inquiry" to "determine whether there
have been any violations of the federal securities law." It did
not disclose the nature or scope of the probe, the district
Superintendent Bruce Harter said in a prepared statement on
Wednesday that "much is unknown about the nature of this
"We are announcing the receipt of this subpoena in order to
ensure that our community is informed," Harter wrote.
The district's Board President Charles Ramsey also received
an SEC subpoena, along with certain members of its financing
team and some of its consultants and advisors, according to the
Ramsey's attorneys Amy Craig and Ismail Ramsey said on
Friday that the SEC has issued a request for records, and there
was no indication of wrongdoing.
The board had agreed to pay for legal representation for its
president, district spokesperson Marcus Walton confirmed.
West Contra Costa Unified School District is located roughly
15 miles northeast of San Francisco, where over 28,000 students
attend from the cities of Richmond, El Cerrito, Hercules,
Pinole, and San Pablo, along with several unincorporated areas.
(Reporting by Robin Respaut; editing by Andrew Hay)