IMET board issues update on investment-fraud probe
The Illinois Metropolitan Investment Fund (IMET) Board of Trustees has released an update on Monday on the FFF Repo B fraud and recovery efforts.
The fund lost $50.4 million in suburban and government taxpayer dollars after investing in allegedly fraudulent loans. The matter is now at the center of a federal criminal investigation.
The report can be viewed at www.oak-brook.org/DocumentCenter/View/4179.
The Village of Oak Brook opted to pull its money out of IMET after being informed of the fraud allegations. However, Oak Brook at that point already had lost $278,131 from the investment.
To date, Oak Brook has recouped approximately $14,000 from the investment and hopes to recoup more as IMET continues to provide assistance to communities.
The Village of Oak Brook is located at 1200 Oak Brook Road.
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