The Securities and Exchange Commission launched an informal investigation on Thursday into the details of the Los Angeles Unified School District's (LAUSD) notorious $1.3 billion iPad project, which was supposed to give every child in the nation's second-largest school system an iPad loaded with Pearson curriculum. The Los Angeles Times said that a source inside LAUSD confirmed that the commission was asking questions about how the bond money that was set aside to fund the program was used.

The iPad program met many roadblocks since its inception in 2013, and recent allegations of improprieties during the bidding process for the bond money derailed the program permanently. Back in December, the FBI raided the school district's offices , taking with them 20 boxes of information pertaining to the program. At the time, the LAUSD superintendent resigned, although he has denied wrongdoing.

Just yesterday, LAUSD's attorney wrote to Apple demanding refunds for Pearson curriculum that the school system deemed unsatisfactory. It also said it would not accept any more shipments from Apple or Pearson in the future. Pearson was a subcontractor for Apple in the deal between the tech giant and LAUSD.

On Thursday, District officials told the LA Times that “they were optimistic that they had addressed the SEC concerns.” The LA Times also reported that LAUSD had prepared a presentation in March that “outlined measures it took to inform the public and potential investors about how bond funds [for the iPad program] would be spent.”

The school district reportedly told the SEC that the bonds used to fund the iPad program were general obligation bonds that were not meant to generate revenue for investors. It also maintained that it was transparent in its dealings and that “all necessary disclosures were made to the public, underwriters, rating agencies, and investors.”