The audit says the program's former executive director did not disclose conflicts of interest. And another official made a $500,000 investment with an investment manager that was applying to handle the program's money.
The program is run by the Illinois Student Assistance Commission. It says it accepts the the auditor general's recommendations. Officials say new leadership has already begun making changes and adding new safeguards. The audit was requested by Illinois House leaders, after a series of reports by Crain's Chicago Business detailed questionable investments made by the programs managers. The reports also revealed a big funding shortfall in the college savings plan.