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The Kroll report released today found that City Council members acted negligently in the release of the city’s financial information to investors, but stated that council members didn’t commit securities fraud.

Ed McIntyre, a securities attorney with Solomon Ward in San Diego, said in light of the finding, it was unlikely that the SEC would pursue enforcement actions against council members – unless it has different evidence than Kroll Inc.

“Is the SEC going to go after someone who based on this report was determined to be merely negligent? I won’t speak for the SEC, but I think it is less likely,” McIntyre said.

ANDREW DONOHUE

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