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Audit Prompts W.Va. Treasurer To Seek Greater Agency Oversight
By: Associated Press
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CHARLESTON, W.Va. (AP) — West Virginia Treasurer Riley Moore says his office will propose greater oversight of an agency that an audit says didn’t keep adequate records of a loan program.
The state Economic Development Authority’s loan program was intended to boost the state’s economy.
A legislative audit released Tuesday says the authority used $25 million to fund seven venture capital firms that were supposed to invest in the state and create jobs.
Auditors found two of the firms never invested in West Virginia and four have entered into receivership.
Moore says government must take a more proactive approach to these kinds of situations.