Apparently too much time has passed for the state to bother prosecuting those responsible for the illegal use of $2.6 million in Grambling State University facility support funds to invest in the stock market. The investments, according to a state audit of GSU, resulted in a loss of about $1 million.
Even though the audit report said the use of facility support funds for stock investments was clearly in violation of the law, Louisiana Inspector General Stephen Street has decided not to open a formal investigation.
“….(I)t appears that these stock purchases occurred between 2002 and 2004,” said Greg Lindsey, state audit director for the IG’s office. “Inspector General Street felt that these violations are too stale-dated and that full development as a criminal matter would be restricted by state and federal prescription periods. Therefore, after careful consideration, we have decided not to open a formal investigation.”
“We noted that various corrective actions were implemented by GSU, including transferring the stock instruments to a custody account,” Lindsey added in his letter to Louisiana Voice.
Taking into consideration GSU’s track record of repetitive financial accounting shortcomings over the past 40 years, we’re going to take a wait-and-see approach to those “corrective actions.”
Louisiana Voice 
What the heck is going on? The IG says “It APPEARS that these stock purchases occurred between 2002 and 2004”. What a preposterous statement. A stock purchase can be tracked to the very minute of the day on which it was purchased or sold. There is no doubt as to when the transaction occurred. It is an easily discernable fact.
Then the IG goes on to say that no formal investigation will be made since these are stale-dated violations (note that the IG does agree that what occurred was a violation). Well if you haven’t even taken the time and effort to determine when the violations occurred, how do you know if they are stale-dated and prescription has run?
In Louisiana politics, it’s always about either the money or the re-election ramifications–or both. I wonder which applies to our “thumb sitting” IG?