WENATCHEE, Wash. - The board of the Town Toyota Center has agreed to pay a $20,000 fine to federal regulators to settle an investigation into the arena's financial debacle.
The board voted Monday to settle with the Securities and Exchange Commission. The settlement also includes the arena's builder, Rick Kozuback and Global Entertainment, plus Allison Williams of the Greater Wenatchee Regional Events Center Public Facilities District.
The Wenatchee World reported that as part of the settlement, Kozuback and Global will each pay $10,000.
The federal investigation concluded that Kozuback, Global and the Public Facilities District knowingly gave false and misleading information to potential investors before the sale of nearly $42 million in bonds to pay for the arena's construction. The arena went into default in 2011.