Target 12: Audit says EDC may have misspent $2 million

By Tim White

PROVIDENCE, R.I. (WPRI) – The R.I. Economic Development Corporation “may have repeatedly committed serious violations” of federal regulations in the way it allocated $2 million to Betaspring through the Rhode Island Small Business Loan Fund in 2011, according to an audit obtained by the Target 12 Investigators.

But state officials are strongly contesting the findings of the critical audit, which they ordered, calling its conclusions “fundamentally flawed” and defending the way EDC used the money as above board.

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