LW 210 Subpoenaed, Again

NEW LENOX, IL — Lincoln-Way High School District 210 has been subpoenaed yet again, this time by the U.S. Securities and Exchange Commission. 

The subpoena—issued June 6—comes two months after the District’s self-reported accounting errors regarding the bond proceeds from 2007–2013, which were revealed through the agreed-upon procedures (AUP) report.  Following the recommendation of the administration, the school board approved the AUP completed by Crowe Horwath in April 2016.

“This investigation is a non-public, fact-finding inquiry. We are trying to determine if any federal securities laws have been violated," according to a statement by the SEC. "The investigation and subpoena do not mean any laws have been broken nor does the investigation mean we have a negative opinion of any person, entity or security.”

The District is collecting all requested information and cooperating to the fullest extent, according to a release issued Tuesday. 

It is the second time in as many months that the district has been subpoenaed. The prior instance was by the U.S. Department of Justice, which demanded a wide range of documents, mostly related to the compensation of former Superintendent Lawrence Wyllie during his tenure.