D209 Among School Districts Partially Reimbursed After Investment Fraud

Wednesday, April 18, 2018 || By Tim Inklebarger/Wednesday Journal || @maywoodnews 

Area school districts have received a partial, albeit small, reimbursement of funds tied to a bad investment that defrauded approximately 300 Illinois governmental agencies, among others outside the state.

The investment in the fraudulent First Farmers loans through Nikesh Patel, who was convicted of fraud in March and sentenced to 25 years in prison, were made through the Illinois Metropolitan Investment Trust on behalf of the Proviso Township School Treasurer’s Office.

Proviso Township High Schools District 209 has received a partial reimbursement as lawyers and the federal government collect funds through assets seized from Patel.

The Proviso Township Treasurer’s Office, which invested about $2 million in First Farmers through IMET for the 13 school districts the office represents, received a disbursement of $99,718.

That disbursement was divided between the 13 districts, 19.78 percent of which or $19,724, going to Proviso High Schools District 209.

District 209’s Financial Oversight Panel first became aware of the fraud in November 2014.

The district notes in a memo that, “There was no fault by the Proviso Township Treasurer’s Office” in the fraudulent investment. VFP 

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One thought on “D209 Among School Districts Partially Reimbursed After Investment Fraud”

  1. This not a good return for our tax dollar, who constructed this investment, they need to be fired. This is why 209 is in financial problem, which effects the community tax payers. We pay taxes and we rewarded 100,000 thousand on 2 million. I hope the new board members have a good answer at the next meeting. We will never remove ourself out the hold, but we continue to increase salaries and having discussion about closing pmsa.

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