Champaign Officials Hope To Recover Most Of Investment Fund Loss
Champaign officials say they expect to recover most of the more than half-million dollars it lost through an investment fund that is the subject of an investigation.
Finance Director Richard Schnuer says Champaign has recovered about $25,000 of the $516,000 it lost in the Illinois Metropolitan Investment Fund. He told The News-Gazette in Champaign that the city isn't sure how long it will take to recover more.
The fund geared toward investments for governments announced last fall it had lost about $50 million.
The FBI and the U.S. attorney's office in Chicago have been investigating.
The city of Champaign had invested more than $18 million in the fund.
The Champaign Park District was another investor. It lost about $200,000 and has recovered some of that money.