UPDATE: SEC charges Kansas with securities fraud

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

WICHITA, Kan. (AP) -- Federal authorities have filed securities fraud charges against Kansas accusing the state of misleading investors about the financial health of its underfunded public employee pension system.

The Securities and Exchange Commission said Monday that the state has consented to its cease-and-desist order to settle the case. The state has since adopted policies and procedures to help ensure disclosures about pension liabilities are made in its bond offerings.

No monetary sanctions were imposed.

The SEC says Kansas has implemented remedial actions and agreed to settle the charges for its prior incomplete disclosure.

Governor Sam Brownback says in a statement that since taking office he has made restoring the health of the Kansas Public Employees Retirement System a priority. He says Kansas has made significant strides.

Click here to read the full press release.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 270777001 - kake.com/a?a=270777001
Gray Television, Inc.