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10-01-2016 LSU Pregame

Belleville seeks to recover money linked to fraud case

Local

Belleville seeks to recover money linked to fraud case

BELLEVILLE, Ill. (AP) – Belleville and several other Illinois cities are trying to recover money lost in allegedly fraudulent investments linked to a Florida businessman. The (Belleville) News-Democrat reports (http://bit.ly/1wRBuVz) the city of Belleville still has about $347,000 tied up in a restricted account managed by the Illinois Metropolitan Investment Fund. That fund invested in […]

Belleville seeks to recover money linked to fraud case

BELLEVILLE, Ill. (AP) – Belleville and several other Illinois cities are trying to recover money lost in allegedly fraudulent investments linked to a Florida businessman.

The (Belleville) News-Democrat reports (http://bit.ly/1wRBuVz) the city of Belleville still has about $347,000 tied up in a restricted account managed by the Illinois Metropolitan Investment Fund.

That fund invested in repurchase agreements through a middle company that did business with First Farmers Financial of Orlando, Florida.

Federal authorities arrested First Farmers CEO Nikesh Patel in September on fraud charges for allegedly dealing in sham government-guaranteed loans. Patel has denied wrongdoing.

Belleville Treasurer Dean Hardt says the city was able to recover $13.8 million it had invested with Illinois Metropolitan Investment Fund.

Now the city is working with IMET and other cities to recover the lost money.

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