Local governments that invested with a California-based investment advisory firm facing fraud charges by the Securities and Exchange Commission were attracted by promised high rates of return.

Public finance officials who declined the firm's advisory services said they were skeptical of the promises made by representatives of Irvine, Calif.-based Institutional Treasury Management.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.