WEDC: No misconduct from org in untracked-money investigation
State business development body lost track of $56M in loans last year
Serious but fixable problems have been uncovered in Wisconsin's 17-month-old quasi-public economic development agency, which lost track last year of $56 million in loans to businesses.
Leaders of the Wisconsin Economic Development Corp. told board members the initial findings that the organization made "some missteps" in a memo released Friday.
The memo is a status update on the agency's efforts to address problems that led to losing track of the loans.
While no evidence of any misconduct has been uncovered, interim WEDC Secretary Reed Hall and Deputy Secretary Ryan Murray said in the memo that they found isolated problems related to internal documentation and reporting processes.
Murray said there were a number of what he called "disjointed" efforts to address the tracking of the loans, but the issue wasn't pushed.
Copyright 2012 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.