Regarding the SEC Subpoena of Lincoln-Way District 210
Wednesday, June 15, 2016
On June 6, 2016, the U.S. Securities and Exchange Commission (SEC) issued a subpoena to Lincoln-Way District 210 officials via board attorney, John Izzo of Hauser Izzo, LLC. The District is collecting all requested information and cooperating to the fullest extent.
The subpoena comes two months after the District's self-reported accounting errors regarding the bond proceeds from 2007 - 2013, which were revealed through the agreed-upon procedures (AUP) report. Following the recommendation of the administration, the school board approved the AUP completed by Crowe Horwath in April of 2016.
According to the correspondence received from the SEC, "This investigation is a non-public, fact-finding inquiry. We are trying to determine if any federal securities laws have been violated. The investigation and subpoena do not mean any laws have been broken nor does the investigation mean we have a negative opinion of any person, entity or security."