Illinois Settles SEC Fraud Charge Over Pensions

6 years 8 months 1 week ago Monday, March 11 2013 Mar 11, 2013 Monday, March 11, 2013 11:22:52 AM CDT March 11, 2013 in News
By: Associated Press

SPRINGFIELD, Ill. (AP) - The federal government is charging Illinois with securities fraud, claiming it misled investors about the health of its pension system.

Gov. Pat Quinn's office said Monday that the state has agreed to settle the Securities and Exchange Commission case. The SEC said in a news release that Illinois admitted no wrongdoing but has made more complete disclosures since 2009.

The case revolved around more than $2 billion of municipal bonds sold from 2005 to early 2009 to pay state obligations to public-employee pension programs.

The SEC charged that the state did not adequately inform investors that a 50-year funding plan adopted in 1995 did not adequately cover pension liabilities.

The five pensions systems are now $97 billion in debt and a solution is lawmakers' top priority.

More News

Grid
List
NEW BLOOMFIELD — The New Bloomfield School District said it is thinking of moving to a four-day school week after... More >>
7 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 9:16:00 PM CST November 21, 2019 in News
COLUMBIA - Christian Fellowship School will start the giving season a bit early as it launches it's first-ever Serve-a-Thon event... More >>
8 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 8:16:00 PM CST November 21, 2019 in News
JEFFERSON CITY - Lincoln University faculty members are voicing their concerns to university officials after it raised their health care... More >>
10 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 7:07:00 PM CST November 21, 2019 in News
COLUMBIA - Another MU fraternity has been suspended just two weeks after the suspension of Sigma Chi. This time, the... More >>
12 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 5:04:00 PM CST November 21, 2019 in News
JEFFERSON CITY, Mo. (AP) — Missouri residents could soon find it easier to update their addresses for voter registration... More >>
12 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 4:31:00 PM CST November 21, 2019 in News
JEFFERSON CITY - The Missouri Department of Conservation (MDC) and the Missouri Department of Natural Resources (DNR) are asking Missourians... More >>
13 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 3:30:00 PM CST November 21, 2019 in News
JEFFERSON CITY- The Missouri Department of Health and Senior Services released its latest report on rural health on Friday, detailing... More >>
14 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 2:51:00 PM CST November 21, 2019 in News
ST. LOUIS (AP) — The 81-year-old mayor of a St. Louis suburb was charged Thursday with submitting fraudulent absentee... More >>
14 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 2:19:00 PM CST November 21, 2019 in News
JEFFERSON CITY - The Cole County SWAT team and the MUSTANG Drug Task Force conducted a drug search Tuesday, arresting... More >>
15 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 1:46:00 PM CST November 21, 2019 in News
FULTON - Deputies arrested a man Wednesday afternoon while conducting a drug search, according to Callaway County Sheriff's Office. ... More >>
15 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 1:36:00 PM CST November 21, 2019 in News
JEFFERSON CITY - Wednesday's fire at the Missouri State Penitentiary started as a result of a training burn by the... More >>
16 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 1:03:00 PM CST November 21, 2019 in News
JEFFERSON CITY - A Columbia man pleaded guilty Thursday to setting a fire at the Planned Parenthood clinic in Columbia... More >>
17 hours ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 12:02:00 PM CST November 21, 2019 in News
JEFFERSON CITY - The first annual Dementia Caregiver Retreat is helping the loved ones of dementia patients prepare for the... More >>
1 day ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 3:24:00 AM CST November 21, 2019 in News
COLUMBIA - A scooter rental pilot program in Columbia is soon to expire. Now, the scooter company is seeking a... More >>
1 day ago Thursday, November 21 2019 Nov 21, 2019 Thursday, November 21, 2019 12:34:00 AM CST November 21, 2019 in News
COLUMBIA - A pedestrian was hit by a vehicle Wednesday night, according to MU Police spokeswoman Sara Diedrich. It... More >>
1 day ago Wednesday, November 20 2019 Nov 20, 2019 Wednesday, November 20, 2019 9:53:00 PM CST November 20, 2019 in News
FULTON - The only hospital in Callaway County could be in its final days of serving the community. Fulton Medical... More >>
1 day ago Wednesday, November 20 2019 Nov 20, 2019 Wednesday, November 20, 2019 9:19:00 PM CST November 20, 2019 in News
COLUMBIA - Columbia Regional Airport is one step closer to getting a new terminal. The city Airport Advisory Board... More >>
1 day ago Wednesday, November 20 2019 Nov 20, 2019 Wednesday, November 20, 2019 6:51:00 PM CST November 20, 2019 in News
COLUMBIA - In its first season of competition, the University of Missouri Esports team were crowned champions after winning the... More >>
1 day ago Wednesday, November 20 2019 Nov 20, 2019 Wednesday, November 20, 2019 6:08:00 PM CST November 20, 2019 in News
Columbia, MO
Broken Clouds 36°
5am 35°
6am 33°
7am 32°
8am 34°