Detroit pension funds adviser to pay $3.1 million to settle SEC case A Florida businessman has agreed to pay nearly $3.1 million to settle claims that he secretly stole millions of dollars from a City of Detroit pension fund to buy two shopping malls in California, according to a court filing today by the U.S. Securities and Exchange Commission. The SEC announced the settlement on the same day it filed a civil lawsuit against Chauncey Mayfield and several others, alleging that in 2008, Mayfield stole $3.1 million in pension funds that “could have provided a year of benefits for more than 100 retired police officers, firefighters and surviving spouses and children.” But Mayfield, a former investment adviser to two City of Detroit pension funds and founder of MayfieldGentry Realty Advisers, didn’t do it alone, the SEC said. NO PROSECUTION but A FINE lol
Posted on: Tue, 11 Jun 2013 21:28:50 +0000
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