K-12 Tax & Spending Climate: SEC Says Illinois Hid Pension Troubles

Michael Corkery & Jeannett Neumann:

For years, Illinois officials misled investors and shortchanged the state pension system, leaving future generations of taxpayers to foot the bill, U.S. securities regulators allege.

The Securities and Exchange Commission on Monday charged Illinois with securities fraud, marking only the second time the agency has filed civil-fraud charges against a state.

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But the agency and the state also announced that a settlement had already been reached in which Illinois won't pay a penalty or admit wrongdoing.

Posted by Jim Zellmer at March 12, 2013 1:49 AM
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