It's not looking good for Ball State University, as the $12.6 million dollars the University lost to investment fraud, will not be recovered. That statement comes from the University‘s Board of Trustees chairman to the state budget committee. The investments were made by the schools “former” director of cash and investments who worked around the schools internal controls to keep the investments hidden. Chairman Rick Hall says they don‘t expect to recover any more than the half-million dollars it already has. The University's President told lawmakers they have to make changes to ensure nothing like this ever happens again.
