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WEDC: No misconduct from org in untracked-money investigation

Published On: Nov 30 2012 04:45:27 PM CST   Updated On: Dec 01 2012 01:03:10 PM CST
MADISON, Wis. -

 Serious but fixable problems have been uncovered in Wisconsin's 17-month-old quasi-public economic development agency, which lost track last year of $56 million in loans to businesses.

Leaders of the Wisconsin Economic Development Corp. told board members the initial findings that the organization made "some missteps" in a memo released Friday.

The memo is a status update on the agency's efforts to address problems that led to losing track of the loans.

While no evidence of any misconduct has been uncovered, interim WEDC Secretary Reed Hall and Deputy Secretary Ryan Murray said in the memo that they found isolated problems related to internal documentation and reporting processes.

Murray said there were a number of what he called "disjointed" efforts to address the tracking of the loans, but the issue wasn't pushed.

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