The latest development, as ever reported by the LA Times, says that the program is now the subject of a Securities and Exchange Commission inquiry into whether funds were misused in the $1.3B project …
The SEC is looking into whether school district officials complied with legal guidelines specifying how bond funds can be spent.
In particular, the agency was concerned with whether the L.A. Unified School District properly disclosed to investors and others how the bonds would be used, according to documents provided to The Times.
LAUSD officials are apparently ‘optimistic’ that they were in compliance with the rules.
The first signs of trouble with the failed program came when students figured out how to bypass the restrictions intended to ensure the iPads could only be used for school work. It then wasn’t long before the the district was accused of having miscalculated the cost of the project, and it later decided to abandon iPads altogether.