[7] In 2003 she raised additional concerns that an announced $500 million City of San Diego municipal bond sale prospectus had material omissions about the pension fund.
[16] The United States Securities and Exchange Commission began investigations into the city's municipal bond disclosures regarding its pension and retiree health care obligations.
[20] In November 2006, the SEC entered an order sanctioning the City of San Diego for committing securities fraud by failing to disclose to the investing public important information about its pension and retiree health care obligations in the sale of its municipal bonds in 2002 and 2003.
The auditors consented to the entry of a final judgment permanently enjoining them from violating the antifraud provisions of federal securities laws and paid a civil penalty.
[5] Notwithstanding the multi-year smear campaign and plan to arrest her concocted by city officials and pension board trustees, Diann Shipione was eventually proven right.
Raised in Boston MA, Athens Greece, Salt Lake City Utah, and Tucson Arizona, Shipione was the first AFS Intercultural Programs exchange student from the United States to Sri Lanka, then known as Ceylon.
Shipione worked in the technology field, first for Metamorphic Systems in the “Utility Muffin Research Kitchen” with Phil Zimmermann, legendary encryption engineer and creator of Pretty Good Privacy (PGP), hardware wizard Steve Welch, and futurist Tom Meyer.