WASHINGTON -- The Securities and Exchange Commission is investigating the sales and purchases of bonds issued for one of the most notorious of the failed Colorado metropolitan development districts, bankruptcy documents and knowledgeable sources say.

Investors who bought Colorado Centre Metropolitan District bonds issued between 1985 and 1987 were subpoenaed for information last month by the agency, in the latest development of a probe that began at least a year ago, according to sources familiar with the investigation.

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