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Alaska's former revenue commissioner lost $859K on a $50M investment due to poor oversight, sparking new rules and a ban proposal.
A review by WilmerHale found former Alaska Revenue Commissioner Adam Crum failed to follow state protocols when investing $50 million from the Constitutional Budget Reserve into DigitalBridge, resulting in an $859,000 loss after the state sold the stake.
The report cited lack of due diligence, failure to inform key officials, and unauthorized use of outside lawyers, though no criminal misconduct was found.
Crum had legal authority but likely breached fiduciary duties.
In response, Governor Dunleavy issued an order to strengthen oversight of unconventional investments, and a state senator introduced legislation to ban future business with DigitalBridge.
El ex comisionado de ingresos de Alaska perdió $859K en una inversión de $50M debido a una supervisión deficiente, provocando nuevas reglas y una propuesta de prohibición.