The Inland Valley Development Agency in California disclosed that it and the San Bernardino International Airport Authority are being investigated by the Federal Bureau of Investigation.

The FBI conducted a search of the shared offices of IVDA and the airport authority on Sept. 21, according to the material event notice posted Sept. 30 on the Municipal Securities Rulemaking Board’s EMMA website. IVDA and the airport authority, in a county civil grand jury report, have been accused of fiscal mismanagement and questionable financial oversight.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

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