An audit of the College Illinois prepaid tuition program determined the program’s overseers didn’t follow “sound business practices,” or state law, when it hired San Francisco-based Grigsby & Associates for investment advice.

The firm advised College Illinois on debt restructuring, but gave only one opinion to the Illinois Student Assistance Commission — to invest $12.8 million in ShoreBank Corp. The investment was lost last year when ShoreBank collapsed. Get the full story »