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Ball State University Victim of $13M Investment Fraud Schemes

Ball State University is the victim of two investment fraud schemes totaling about $13 million.

The university announced last week that it lost $8 million and federal prosecutors have uncovered a second scheme that cost the school $5 million.

The university treasurer calls the bad investments "a combination of mistakes, negligence and criminal actions."

The university is mostly keeping quiet about details but is working with prosecutors.