SEC Charges Texas School District And Its Former CFO With Fraud In $20 Million Bond Sale

<p><span>The Securities and Exchange Commission today charged Crosby Independent School District (Crosby ISD) and its former Chief Financial Officer, Carla Merka, with misleading investors in the sale of $20 million of municipal bonds in order to pay its outstanding construction liabilities and fund new capital projects. The SEC also charged Crosby&rsquo;s auditor, Shelby Lackey, with improper professional conduct in connection with the audit of the school district&rsquo;s 2017 fiscal year financial statements.</span></p>

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