Federal Bureau of Investigation agents last week arrested Dixon, Ill., Comptroller Rita Crundwell for allegedly defrauding the city of more than $3.2 million in public funds since last fall and misappropriating $30 million since 2006, federal prosecutors in Chicago announced.

Crundwell allegedly used the funds to finance a lavish lifestyle that included operating a horse farm. She has served in the position managing all city finances since the early 1980s.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

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