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FBI Probe Into Pension Fund’s Real Estate Deals Seeks Evidence Of Bribery, Kickbacks
A federal investigation into Pennsylvania s largest pension fund has come into focus.
The U.S. attorney s office in Philadelphia has issued subpoenas to several high-ranking officers of the Pennsylvania Public School Employees Retirement System as part of an investigation into possible honest services fraud and wire fraud, Spotlight PA reports. The investigation has focused on an inconsistent financial performance report from the end of last year and several real estate purchases around PSERS headquarters in Harrisburg.
PSERS spent $13.5M starting in 2017 on real estate in the immediate vicinity of its headquarters, which is also a short walk from the Pennsylvania Statehouse and Harrisbug s Amtrak station. Three million dollars of that total went into the acquisitions of the properties themselves; the rest was spent on a combination of management fees, de
Subpoenas reviewed by Spotlight PA and The Philadelphia Inquirer lay bare the scope of the federal investigation into Pennsylvania's $64 billion public school pension fund.
F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short
The Pennsylvania teachers’ retirement fund put more than half its assets into risky alternative investments. The math didn’t work out, spurring an investigation.
An oil field in Iraq’s Kurdistan region. One of the Pennsylvania teachers’ fund investments was in an entity set up by the commodities giant Glencore to make oil-backed loans to Kurdistan.Credit.Azad Lashkari/Reuters
May 11, 2021
The search for high returns takes many pension funds far and wide, but the Pennsylvania teachers’ fund went farther than most. It invested in trailer park chains, pistachio farms, pay phone systems for prison inmates and, in a particularly bizarre twist, loans to Kurds trying to carve out their own homeland in northern Iraq.
Everyone Makes Mistakes, But The FBIâs Not Sure Pension Funds Make Such Convenient Ones
Which is another way of saying, it thinks it might not be a mistake.
Author:
Which is another way of saying, it thinks it might not be a mistake.
The Pennsylvania Public School Employees’ Retirement System needs to make money. Like, a lot of money. A lot more money, in fact, than the 7.25% it assumes it will make, if the $6.1 billion it’s gonna need from its younger teachers and taxpayers this year is any guide. This is why, over the last 13 years, PSERS has poured more and more of its money into hedge funds, private equity funds, prison payphone systems, Kurdish oil fields and many other things falling under the rubric of “alternative investments.” These now make up an absolute majority of the pension’s investments.