The federal securities and exchange commission recently opened an informal inquiry into whether Los Angeles school officials complied with legal guidelines in the use of bond funds for the now-abandoned $1.3 billion iPads-for-all project.
In particular, the agency was concerned with whether the L.A. Unified School District properly disclosed to investors and others how the bonds would be used, according to documents provided to the Los Angeles Times. District officials said they were optimistic that they had addressed the SEC concerns, The Times reported in an article posted on its website Friday morning.
The news of the SEC inquiry came the same week that L.A. Unified officials demanded a refund from computer giant Apple over curriculum supplied on the devices by Pearson, which sells education services and materials worldwide. Pearson was a subcontractor to Apple under a contract approved by the Los Angeles Board of Education in June 2013.
The SEC declined to comment and does not, by policy, confirm or deny investigations, The Times reported. But L.A. Unified acknowledged meeting with an agency attorney. The federal agency is charged with protecting investors and maintaining fair, orderly and efficient markets.
—City News Service