CHICAGO - Scores of local governments in Ohio have invested in high-risk instruments that may violate state law, according to the state auditor's office.

The governments, which include counties and school districts, have lost millions of dollars by investing mainly in interest-only, stripped mortage-backed securities, according to published reports.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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