ORG Portfolio Management, Arizona PSPRS, Kentucky, & the FBI
Pension Land Deal Being Investigated By FBI
These days it seems like all the sleazy pension plans are hiring the same sleazy consultants.
Remember ORG? Of course you do. It’s the real estate consultant for Kentucky Retirement Systems, Arizona Public Safety, Texas Municipal (where TJ Carlson is the new CIO), to name a few. ORG is also a placement agent for California Teachers.
Everybody remembers the big church land deal in Frankfort that they helped cover up.
Now the FBI is investigating a Phoenix area land deal owned by the Arizona Pension Trust:
The U.S. Attorney’s Office has begun a federal grand-jury investigation into the Public Safety Personnel Retirement System, while the FBI is examining allegations that trust managers improperly inflated the values of poor-performing real-estate investments, The Arizona Republic has learned.
The FBI, since at least December, has interviewed former trust employees along with Levi Bolton, executive director of the 13,000-member Arizona Police Association. In addition, at least one federal grand-jury subpoena has been issued for high-level PSPRS documents related to a specific real-estate investment.
The $7.7 billion trust finances the pensions of more than 52,000 people in three state retirement plans: the Public Safety Personnel Retirement System, the Elected Officials Retirement Plan and the Corrections Officer Retirement Plan.
Sounds like fun.
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