College Treasurer Thomas Glaser and controller Lynn Sapyta were placed on paid administrative leave after an audit found that the College of DuPage violated its own investment policies, costing them $2.2 million.
The financial staff was only to put 5% of their investments into local government investment pools, but instead dumped 29% into the Illinois Metropolitan investment fund. When that fund defaulted on loans, the college took the over $2 million hit, a loss which would have only been about $381,000 had they stuck to their policy.
Glaser and Sapyta will remain on administrative leave while the financial investigation continues. In the meantime, the Board of Trustees is expected to hire a firm to manage its finances.
The College’s President, Robert Breuder, is also currently on paid administrative leave.
WANT TO STAY INFORMED?
Get daily news headline stories delivered right to your inbox!Sign Up Today!