ANNAPOLIS, Md. (AP) — Maryland auditors say two members of an advisory committee formed to provide investment advice for a state venture fund were associated with firms that received more than $21 million through the fund.

The report released Friday on the Maryland Technology Development Corporation covers a period from January 2015 to April 2018. TEDCO was created in 1998 by the state to commercialize technology developed at Maryland universities.

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The audit found the entity had not adopted regulations for direct equity investments through the Maryland Venture Fund, as required by state law, and it didn’t establish policies to prevent conflicts of interest.

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TEDCO says it has formed a committee to provide investment oversight. It also says it drafted regulations for investments through the fund in December and plans to finalize them in April.

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