FLORIDA TODAY wires

          SANTA ANA, Calif.--The Securities and Exchange Commission has accused two Orange County cities and four school agencies of misleading investors about risky investments before the county's 1994 financial collapse.

          In 1993 and 1994, Anaheim, Irvine and the school systems issued a total of $508 million in securities intended to finance improvements like streets, sewers and classrooms.   The offerings became infamous as "casino bonds."

          Federal officials alleged Tuesday that the cities and districts failed to disclose that the money immediately went into the county's general fund in hopes of generating quick profits.

          The high-risk, high-profit portfolio managed by county Treasurer Robert L. Citron lost $1.64 billion, however, leading the county to seek federal bankruptcy protection in December 1994.   It was the biggest municipal bankruptcy in U.S. history.