Ball State fraud involved failed internal controls
The Ball State University treasurer says failed internal controls played a role in a pair of fraudulent investments that cost the school $13.1 million.
Treasurer Randy Howard tells The Star Press he doesn't know whether that failure involved deception by anyone at the university, lack of due diligence or both. He told The Associated Press on Wednesday that the U.S. attorney's office is investigating and that he plans to meet soon with the Delaware County prosecutor.
Howard says a number of red flags were missed, including missing or inconsistent numbers on investing documents and a maturity date that ran well beyond the university limit of five years.
Two out-of-state men have already been sentenced to prison for their roles in the schemes.
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