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Audit of Grambling State U. Says Illegally Purchased Stocks Lost $1-Million

For Grambling State University, a bad investment is turning out to be doubly bad. Stocks purchased for $2.6-million during the 2008-9 fiscal year had lost more than $1-million in value by the end of that year, and the purchase was illegal because it was made using state funds that could be legally spent only on university facilities, a report from the Louisiana legislative auditor says. The university concurred with that finding and others in the report and promised to take corrective action. It was unknown whether local prosecutors would pursue criminal charges based on the audit findings, The News-Star, a newspaper in Monroe, La., reported.

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