SEC hits Ill. with fraud charges regarding pension fund – Chicago News and Weather | FOX 32 News

11 Mar

Illinois broke federal securities laws in misstating the true health of its depleted pension funds when going out onto the bond market between 2005 and early 2009, the Securities and Exchange Commission announced Monday.

The finding of securities fraud doesn’t subject the state to fines or penalties but amounts to a warning to potential investors about the state’s past financial misdeeds, the Sun-Times is reporting.

The action focuses mostly on misstatements made during impeached ex-Gov. Rod Blagojevich’s administration, though Gov. Pat Quinn’s administration wasn’t spared entirely. More…

via SEC hits Ill. with fraud charges regarding pension fund – Chicago News and Weather | FOX 32 News.

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