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to disclose to investors how badly the pension situation was. That meant that the bonds' buyers didn't know which obligations would be competing for state money that would be used to pay them back.

"We are pleased that the SEC did not seek any financial penalties or make any claims of intentional misconduct [[ based on the actions of former administrations ]]," said Jim Clark, Kansas' Secretary of Administration, in a statement.

The commission says the state's public employees' retirement system committed securities fraud by not telling investors how Nike Free Sb Black underfunded the pensions of its 155,000 workers Nike Lunar Presto On Feet

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Kansas joins New Jersey and Illinois in having been cited by the SEC in Nike Free Women Cheetah

Kansas' finances have come under scrutiny of late. Last week. Standard Poor's downgraded Kansas' credit rating last week because its tax cuts were more expensive than legislators initially let on.

Kansas runs afoul of the SEC over pensions

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recent years for similar offenses. While not admitting or denying the SEC's finding, the state agreed not to commit any violations in the future.

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were.

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The SEC said Kansas raised $273 million in bonds in 2009 and 2010 but failed Nike Lunar Blue And White

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