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Securities and Exchange Commission

Illinois Settles Federal Securities Fraud Case Over Pensions

Mar 11, 2013
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Updated 12:41 p.m.

Illinois is settling a federal securities-fraud charge that 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.

This article first appeared in the St. Louis Beacon, Dec. 19, 2008 - As details of financial shenanigans perpetrated by fallen Wall Street gurus become public, the blame game is revving up. The Madoff scandal is quickly engulfing others. From his family to his cronies on Wall Street to Christopher Cox, chairman of the Securities and Exchange Commission, there is plenty of blame going around. And why not? After all, it appears that the losses stemming from Madoff's Ponzi scheme will surpass the GDP of many countries.