A Chicago Tribune article published on Friday, April 10, 2015, described and identified 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 Village took action and communicated to the public when the circumstances involving this restriction of funds became known, as described in the website top story posted on November 3, 2014.
In a follow up story posted on April 14, 2015 the Village noted that IMET advised its municipal clients that they expect to recover 60 to 70% 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. Work by IMET to recover funds continues including the sale of assets and filing of insurance claims. The Village will continue its efforts to monitor the situation and recover the remainder of all lost investments.
The Village invests funds using sound financial practices in keeping with its Cash Management and Investment Policy.