Politics & Government
Deerfield Could Lose Hundreds of Thousands of Dollars to Investment Fraud
The village has withdrawn much of its money but still has the potential to lose $90,000 to $685,000.
Deerfield risks losing $90,000 to $685,000 after investing in a fund operated by a Florida company whose chief executive is accused of forgery. Along with 300 other Illinois municipalities, Deerfield invested in the Illinois Metropolitan Investment Fund (IMET), which in turn placed millions of dollars with First Farmers Financial. That company’s CEO, Nikesh Patel, is accused of forging federal guarantees. Deerfield has moved to get its cash out of the fund, reports the Pioneer Press, but it still could stand to lose some money, according to Finance Director Eric Burk.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
