The Florida agency that manages $132 billion in pension and local government investments is under investigation by the Securities and Exchange Commission.

The St. Petersburg Times reported Friday that the Florida State Board of Administration has been subpoenaed to turn over documents. The newspaper says the agency and three Wall Street companies may have misled the public about the risk and liquidity of some investments.

Billions began flowing out of the SBA's local government pool after its subprime holdings became clear in late 2007. The agency also had shaky investments in Florida's retirement fund, the hurricane catastrophe fund and two other accounts.

An SBA spokesman says officials didn't disclose the formal investigation because the SEC order was confidential.

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Information from: St. Petersburg Times, http://tampabay.com