For a while, after City Attorney Mike Aguirre and the City Council settled with the SEC on behalf of the city as an entity, some fretted that the action had somehow precluded the SEC from going after individuals who may be responsible for the city’s fraudulent financial disclosures issued at the beginning of this decade.

They claimed that Aguirre and the council had let the senior staffers responsible off the hook.

I held then, as did others, that we shouldn’t assume more than what the SEC said: that it was continuing its investigation into individuals. Looks like it was.

SCOTT LEWIS

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