Metro East cities missing money from investment fund - KMOV.com

Metro East cities missing money from investment fund

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COLLINSVILLE, Ill. (KMOV.com) -

Collinsville city officials said they invested 1.2 million dollars in the Illinois Metropolitan Investment Fund. Now they are missing $35,000.

“I'm glad we're limited to $35,000, because our neighboring cities had more money in that fund,” said Tamara Ammann, the city finance director.

Belleville said they lost $388,000 to IMET, which is money they use for their general services.

The cities invested in the IMET convenience fund.

Authorities blame Nikesh Patel, a Florida businessman, for taking $50 million from that fund.

IMET promised the Metro East cities they are working to get the money back.

Still, Belleville said they took back their $14 million dollars from the investment company and put that into a local bank.

Both the city of Collinsville and Wood River said they are hoping they can still work with IMET and recover the missing funds.

News 4 reached out to IMET, but they did not respond to requests for comment.

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