Two California-based municipal advisory firms, School Business Consulting (SBC) and Keygent LLC, along with several of their top executives, will collectively pay $200,000 to settle charges that they used deceptive practices when soliciting the business of five California school districts. SBC was advising the five school districts on their hiring of financial professionals. At the same time, SBC was retained by Keygent which was seeking the business of these five school districts. SBC shared the confidential information of the school districts with Keygent, including questions to be asked in Keygent’s interviews with the school districts and the details of competitors’ proposals. The school districts were unaware that Keygent had the benefit of these confidential details through the hiring process. SEC
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