Members of the Eastern Band of Cherokee Indians are upset over a $60 million loss to the tribe's minor per capita trust fund.
The tribe invests profits from the Harrah's Cherokee Casino in the stock market. As the national economy tanked last year, the fund took a big hit and it showed up in the trust accounts of tribal children -- Johnny George told WLOS-TV that his grandson's account lost $20,376.16.
Chief Michell Hicks says the plunge did not affect the principal balance of the per capita fund. Each child will still receive about $80,000 in gaming profits when they turn 18, he said.
But parents, grandparents and others say the tribe will have to dip into the fund in order to fulfill that obligation. They say the youngest tribal children will be hurt.
Hicks issued an executive order to halt stock market investments but critics aren't pleased.
Get the Story:
Cherokee Minor's Trust Fund Losing Money (WLOS 4/8)
Cherokee Funds Fade Away
(WLOS 4/8)
Regulation
Eastern Cherokee investment fund takes $60M hit
Thursday, April 9, 2009
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