Published: November 02, 2009 02:23 pm      

Miss. EPA invested in Stanford

MCCOMB — An official with Magnolia Electric Power Association says the McComb-based utility has recouped about $3 million of the $5.3 million it invested in 2008 with the now-defunct Stanford Financial Group and its bank in Antigua.

MEPA general manager Darrell Smith tells the Northeast Mississippi Daily Journal in Tupelo that some $2 million of rural power association’s money is still controlled by Stanford’s court-appointed receiver.

Magnolia serves 34,313 electrical customers in all or parts of Amite, Pike, Walthall, Lincoln, Franklin and Lawrence in southwest Mississippi.

Magnolia’s investment decisions came to light through a public records search by the Tupelo newspaper. The newspaper reports that its survey of only EPAs show only Magnolia apparently invested funds with Stanford.