Killed as a mechanism: 'a $25 million black hole of missing funds.'

The document

Document

FTI Consulting, IEDC Forensic Review, p. 27 and p. 32

Archived

primaries/elevate/fti-iedc-forensic-review-2025-10-02.pdf

Who read it

joe, 2026-09-08.

What the primary actually shows

The $25 million is a state-approved allocation of claimed 21 Fund returns to a new Growth Fund, not money that vanished. What makes it a black hole is different and documented: the returns were declared by an entity that the auditor found could not tie returns to investments, into a fund that pays that entity's own subsidiaries and executives, and the fund's private raise never happened. See EA1.