Illinois Is Accused Of Securities Fraud By The U.S. Government

Monday, March 11, 2013 20:45
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Illinois Is Accused Of Securities Fraud By The U.S. Government

For the second time in history, federal regulators have accused an American state of securities fraud, alleging that Illinois misled investors about the condition of its public pension system from 2005 to 2009.

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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, says The New York Times.

 

 

 

 

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