SEC Begins Washington Finance Inquiry After City Audits Withheld (Bloomberg News)

October 23, 2011 – The U.S. Securities and Exchange Commission opened an “informal inquiry” into Washington, D.C.’s (Aa1 – PIT Bonds / 25477GGJ8) finances after the city’s finance chief faced scrutiny for failing to disclose internal audits of his agency. The SEC yesterday asked the chief financial officer for records of internal audits and investigations conducted since the beginning of 2010, the District of Columbia said in a disclosure to investors today. The federal request follows a city council hearing this month at which officials faulted Chief Financial Officer Natwar Gandhi for not disclosing internal audits documenting failures at the agency. The Washington Post this month reported the audits show security lapses in the tax department since 2007, when an employee was caught embezzling $48 million. On Oct. 16, the city council approved a measure requiring disclosure of the chief financial officer’s internal audits.

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