Dozens of local governments — from Downers Grove to Frankfort — face investment losses totaling more than $50 million of taxpayer money in a fraud scheme.

The tax dollars were placed with the Illinois Metropolitan Investment Fund, and one of their investment pools was in repurchase agreements based on underlying loans and government guaranties that turned out to be fraudulently created by a Florida firm.

via Fraud exposes Illinois governments to loss of $50 million – Chicago Tribune.