“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,” Howard Blume reports for The Los Angeles Times.
“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 Times,” Blume reports. “District officials said they were optimistic that they had addressed the SEC concerns.”
“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,” Blume reports. “Problems plagued the fall 2013 rollout of the iPad project and questions later arose about whether Apple or Pearson had an unfair advantage in the bidding process. An ongoing criminal investigation by the FBI is looking into that matter. Current and former district officials have denied any wrongdoing.”
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MacDailyNews Take: FUBAR.
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