Illinois Is Accused of Fraud by S.E.C.

IllinoisIt looks as if the state of Illinois is joining the ranks of the big banks in fraud and not being held accountable. In announcing a settlement with the state on Monday, the Securities and Exchange Commission accused Illinois of claiming that it had been properly funding public workers’ retirement plans when it had not. In particular, it cited the period from 2005 to 2009, when Illinois also issued $2.2 billion in bonds.

Illinois Is Accused of Fraud by S.E.C.

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