State regulators suggested the Local Government Center turn over control of its operation and assets to a neutral party.
The Securities Bureau Director says that’s the best way to address fundamental problems within the organization.
The Local Government Center, the group that provides insurance to cities and towns, faces four charges it violated state laws.
The Securities bureau alleges that LGC owes municipalities upwards of $100 million dollars.
Securities Bureau Director Joseph Long says he would like LGC officers and their public board to step aside and let a neutral party sort out the organization’s problems.
