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Old 04-29-2013, 12:08 PM
 
Location: Somewhere in the Southwest...
335 posts, read 460,789 times
Reputation: 259

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Well, this is gonna suck:

SEC Charges City of Victorville, Underwriter, and Others with Defrauding Municipal Bond Investors; Release No. 2013-75; April 29, 2013

Quote:
Washington, D.C., April 29, 2013 – The Securities and Exchange Commission today charged that the City of Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb & De Dios (of Carlsbad, CA), the underwriter of the Airport Authority’s bonds, defrauded investors by inflating valuations of property securing an April 2008 municipal bond offering.

The SEC alleges the Airport Authority, which is controlled by the City of Victorville, undertook a variety of redevelopment projects, including the construction of four airplane hangars on a former Air Force base. It financed the projects by issuing tax increment bonds, which are solely secured by and repaid from property-tax increases attributable to increases in the assessed value of property in the redevelopment project area. Moderator cut: only a snippet please

Last edited by Count David; 04-30-2013 at 05:49 PM..
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Old 04-29-2013, 12:21 PM
 
Location: Somewhere in the Southwest...
335 posts, read 460,789 times
Reputation: 259
P.S. The perp walks will be next, as this type of SEC action usually accompanies DOJ indictments...
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Old 04-29-2013, 03:36 PM
 
920 posts, read 1,669,178 times
Reputation: 961
It's only when the tide goes out, do you then realize who's swimming naked. RE plunged, still is depressed for commercial/industrial properties, and now we get to see how much corruption was going on with cities/counties and, eventually, states. When property values were shooting up and tax revenues increasing as well, a lot of crime was papered over. That can no longer be accomplished. This is only the start, expect far more of this to become apparent....
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Old 05-01-2013, 04:03 AM
 
469 posts, read 839,925 times
Reputation: 481
Over 20 years since the base closed and redevelopment has failed. This could of been a gold mine for the entire area. Its a damn shame!!!
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