Federal regulators charge Illinois with securities fraud
The state, from 2005 through 2009, also misled investors about the effects of changes to its plan, the SEC alleged.
The state has since taken multiple corrective actions. Without admitting or denying the charges, Illinois agreed to settlement terms laid out by the SEC.
“Municipal investors are no less entitled to truthful risk disclosures than other investors,” said George S. Canellos, acting director of the SEC’s enforcement division. “Time after time, Illinois failed to inform its bond investors about the risk to its financial condition posed by the structural underfunding of its pension system.”
The formal charges and settlement terms are available here.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. regular
tt
Harris calls for ending filibuster for abortion rights
