Scott Peters Lies About Role in Pension Scheme – But Independent Auditors Catch Him
Peters issues statement in 2014 that deceives voters the same way he was found “negligent” for illegally deceiving bondholders in 2004
San Diego – Scott Peters’ pattern of deception continued Monday with his campaign issuing a statement with the outrageous claim that Peters had nothing to do with the pension crisis that almost bankrupt San Diego. Peters even goes as far as trying to leave San Diegans with the impression that he “wasn’t on the City Council” that created the crisis.
Independent auditors, however, document the truth about Scott Peters’ significant role in San Diego’s pension crisis.
FACT: Peters Voted FOR the Pension Scheme (2002)
In a stunning refutation to his deceptive statement Monday, Scott Peters was on the City Council and voted in November 2002 for the now-infamous pension spiking scheme that raided the city’s retirement funds while spiking city officials’ pensions to unsustainable levels. (San Diego City Ordinance 19121) In fact, independent auditors found Scott Peters engaged in an “illegal act” by underfunding the city’s pension system while spiking pension benefits.
FACT: Auditors Catch Scott Peters Deceiving Public on Pensions (2004)
Peters’ deceit and denial on pensions is nothing new. In fact, independent auditors found Scott Peters “negligent” for issuing “false and misleading” financial statements that attempted to hide the city’s pension crisis. Scott Peters approved $262 million in fraudulent bond disclosures that masked the city’s billion-dollar pension deficit from investors.
As a result of Peters’ deception, San Diego lost its credit rating and spent millions in legal and accounting fees before settling over the charge of securities fraud with the Securities and Exchange Commission.
FACT: Peters Continues Pattern of Deception and Denials (2004-present)
The DeMaio campaign released a compilation of numerous media citations of Scott Peters flat-out denying San Diego’s pension crisis and deceiving the public about his votes for spiking. The citations span a decade of deceit and denials.
“No matter how many lies he tries to tell today, the facts are irrefutable that Scott Peters voted to spike the pensions of city officials and then was found negligent by outside auditors for trying to hide his pension scheme from the public,” said DeMaio campaign spokesperson Dave McCulloch.
Peters’ statement came in response to the DeMaio campaign releasing its “Who Wants to Be A Millionaire” ad that documents the outrageous pension payouts Scott Peters helped create with his 2002 vote. View the Ad on YouTube: https://www.youtube.com/watch?v=8bg1KxYLYNA
Tomorrow: Peters Pension Scheme Week continues…with another startling revelation on the crisis Scott Peters caused by spiking government pensions.