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SEC investigating possible fraud by the Florida State Board of Administration
The federal Securities and Exchange Commission is investigating possible fraud by the Florida State Board of Administration, the agency that manages $132 billion in public investments for hundreds of local governments and 1 million current and future retirees.
The federal investigation centers on whether the state and three Wall Street giants misled the public about the risk and liquidity of some of the SBA's investments.The three firms that sold the troubled securities to the state are JPMorgan Chase, Credit Suisse and the now-defunct Lehman Brothers. (story here)
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