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SEC Charges Top Officials at Investment Adviser in Scheme to Hide Theft from Pension Fund of Detroit Police and Firefighters
U.S. Securities and Exchange Commission [SEC] June 10, 2013
The SEC alleges, in its press release, as follows: "[The] founder, president, and CEO of MayfieldGentry Realty Advisors, took the money from the Police and Fire Retirement System of the City of Detroit without obtaining permission. He used it to purchase the shopping properties and title them in the name of a MayfieldGentry affiliate.... MayfieldGentry officials ... devised a plan to secretly repay the pension fund by cutting costs at the firm and selling the strip malls. Their plan ultimately failed when MayfieldGentry could not raise enough capital to put the stolen amount back into the pension fund. Mayfield and his firm agreed to settle the charges by paying back the stolen amount."
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