A legislative audit by the Division of Legislative Audit has raised questions about whether former Alaska Revenue Commissioner Adam Crum, who invested millions of dollars from the state’s primary rainy day account into a private equity fund last summer, met his statutory and fiduciary duties. The audit found that there is a lack of evidence about whether Crum met these duties. Crum resigned in August and is now a candidate for governor, stating that the investment was in the best interest of the state and had been underperforming and would have violated his fiduciaries as commissioner. The investment was made despite a requirement that the money couldn't be moved from the reserve into a subaccount unless it was not needed for five years. Sen. Bert Stedman, co-chair of the Senate Finance Committee, said the committee would hold hearings on the issue next week and believes Crum should be "personally liable" for his actions.