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The Securities
Division said Monday those problems were aggravated by a "culture of
complacency" at the authority that played down the importance of the audit
to investors and placed too much of an emphasis on obtaining high credit
ratings for agency bonds.
Former authority CEO Rick May disputed the report's
conclusions. Ex-controller Greg Campbell pleaded guilty last week to forgery
and securities fraud for faking the authority's financial statements to make it
appear they had been audited by an independent accounting firm.
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