Democrat Robin Kelly, the treasurer's chief of staff…. said "we were on top of it" and blamed a "rogue" investor who put money in mortgage-linked securities outside of the fund's parameters in 2008. The treasurer's office later recouped $77 million in a settlement.
Republican state Sen. Dan Rutherford said the treasurer's office should have fired OppenheimerFunds, which oversaw the fund.
Kelly said a contract prevents that from happening, and added that the fund managers involved are no longer with OppenheimerFunds. She also said new safeguards are in place, including more audits, and that the college savings program has otherwise earned accolades.
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