PORTLAND (AP) – Unusually large losses in some of the funds that make up Maine’s state-sponsored NextGen College Investing Plan are coming under scrutiny by the attorney general.
The Finance Authority of Maine, which administers the NextGen program, requested the probe.
FAME advised investors last month that several Oppenheimer Funds Portfolios experienced significantly larger losses than other funds in recent months. Oppenheimer Funds has has been hit by class action lawsuits around the country after some funds lost most of their value in the six months prior to Feb. 28.
The attorney general’s office confirmed that it’s looking into the losses but said it cannot comment on an ongoing investigation.
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