Before y'all get too excited about this, you have to consider the source. Mike Aguirre, in my opinion based on almost thirty years in the San Diego legal community, is not the most reputable source on issues such as this.
I lived in San Diego some years ago. Aguirre was a press loving and very agressive attorney who ran against Bob Filner. As to his legal acumen, I recall him being a former Assistant U.S. Attorney who worked on mob and/or white collar crime cases and was very successful in his securities practice. He was not well liked (hated in many circles) but I got the impression that he knows securities/white collar crime. As to this 'report' I would nonetheless assume it is as headline grabbing and inflamatory as Aguirre could make it..