CHICAGO - The state auditor of Ohio has found that three local governments involved in an investment scandal last year exceeded the state limit for the duration of their investments and lost more than $1.1 million.

In findings released last month and earlier this week, the auditor's office concluded that the three localities all invested in interest-only stripped mortgage-backed securities that exceeded a two-year redemption or maturity limit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.