Get more! Sign up for PLANSPONSOR newsletters.
Compliance September 23, 2011
CalPERS Pension Managers Fined for Unreported Gifts
September 23, 2011 (PLANSPONSOR.com) – Sixteen executives
and investment managers from the California Public Employees Retirement System
(CalPERS) have been fined by California’s political watchdog agency.
Reported by Tara Cantore
The individuals were fined for failing to report gifts, which included food, wine, and baseball and Rose Bowl tickets.
According to the AP, the largest fine was $3,600, which was against Shaun Greenwood, a portfolio manager for CalPERS. He failed to report $2,700 worth of clothing, alcohol, meals, and event tickets.
The gifts mostly came from the fund’s investment partners, including Goldman Sachs, UBS, Credit Suisse, the Carlyle Group, and LP Capital Advisors.
These fines are the latest spinoff from a larger investigation that brought a lawsuit by the attorney general’s office last year alleging fraud and kickbacks, the AP reports.
The ethics investigation led to a review of gifts received by pension fund employees and board members dating to 2006. The 16 fines were agreed upon between the commission’s investigators and the employees.
The fines include $400 for CalPERS Board President Rob Feckner, who failed to report five meals worth a total of $277 in 2007 and 2008. Board member Louis Moret was fined $400 for accepting two meals worth $217 in 2008. Others failed to report wine, clothing and entertainment that included bowling, golf, and kayaking outings.