Penobscot finances questioned Tribe's $40m settlement may have been mishandled

From: The Boston Globe | Date: November 7, 1993| Author: Jordana Hart, Globe Staff and Daniel Isaac, Special to the Globe | Copyright information

BANGOR -- An Indian tribe that won one of the nation's largest land-claims settlements more than a decade ago has lost millions of dollars from that settlement in unsuccessful or questionable investments, triggering state and federal investigations into the losses.

The Penobscot Indian Nation, a Central Maine tribe of 1,800 members, won $40 million from the US government in 1980, and many in the tribe hoped the money would help them emerge from decades of biting poverty, unemployment a...

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