MUNCIE, Ind. (AP) — The Ball State University board of trustees chairman has told the State Budget Committee the school believes it won’t recover any more money from the $12.6 million it lost in fraudulent investments.
The Star Press reports Rick Hall told the committee during a meeting Friday in Richmond that the school doesn’t expect to get back any more of the $13.17 million it lost than the half million dollars it already has recovered.
Hall told lawmakers that the reason for the loss is that the school’s director of cash and investments, who has been fired, intentionally circumvented the school’s internal controls.
University President Paul Ferguson told the lawmakers that the university has a healthy portfolio and internal controls “are contemporary and best practice.”