The $340,000 settlement that Sterne Agee is paying Madison County Treasurer Kurt Prenzler is a good start for taxpayers. More should be done. What we have learned from documents associated with the settlement is former Treasurer Frank Miles made some very suspicious investments decisions. The decisions look to have been made to maximize broker commissions.
On average, the commissions by the Sterne Agee broker were twelve times more than normal. In Frank Miles’ short time as Madison County Treasurer (1 year) he generated almost $500,000 in broker commissions from an exclusive relationship to one Little Rock, Arkansas bond dealer. Of course, don’t hold your breath waiting for someone in authority to look into it. This is Illinois and this is Madison County.