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City Attorney Mike Aguirre has called a press conference today for noon to discuss his meeting Monday with the Securities and Exchange Commission.
Aguirre, and the city’s defense counsel John Hartigan, were scheduled yesterday to meet with the SEC to review the findings of the Kroll report. The report found that council members past and present were negligent in allowing the release of false financial information to investment markets, but didn’t act recklessly or knowingly. Aguirre has opined that the elected officials did in fact act recklessly or knowingly.
If the SEC follows Kroll’s logic, it is unlikely they will pursue any actions against former Mayor Dick Murphy and the five sitting council members who were in office at the time in question. If they were to follow Aguirre’s thinking, the SEC would likely bring civil enforcement actions against at least some or all of the elected officials.
Check back later for more details.