• Audit: 'Inappropriate' Transfers by Treasurer Ron Crane May Cost Taxpayers $27 Million
  • Audit: 'Inappropriate' Transfers by Treasurer Ron Crane May Cost Taxpayers $27 Million

      The results of the audit, released Friday, indicate that Crane's office lost the state as much as $10 million in 2013 after he shifted money from distressed local investment accounts to the state account. In addition, between 2008 and 2009, the Treasurer's Office purchased mortgage-based securities at face value, rather than market value, and auditors speculate that the state's unrealized loss was about $17.4 million, bringing the total loss to $27.4 million.
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