The Village of Downers Grove is keeping the public appraised about the municipal and school district assets invested with the Illinois Metropolitan Investment Fund (IMET) that have been restricted as a result of alleged fraud.
The Chicago Tribune published a story April 10 of this year describing and identifying the situation. On Nov. 3, 2014, the village communicated the matter to the public as described in a posted story.
The village later noted in a follow-up story on April 14, which the IMET told its municipal clients that they expect to recover 60 to 70 percent of the total funds lost.
To date, $29,000 of the $586,000 in village investment funds affected by the fraudulent activity has been returned.
The village indicated it will continue efforts to seek and recover the remainder of the investments lost.
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