Miss. EPA invested in Stanford

Published 8:23 pm Monday, November 2, 2009

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.

Sign up for our daily email newsletter

Get the latest news sent to your inbox

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.