SDCERS Board to Receive Investigation Results

January 20, 2006 ( - The board of the San Diego City Employees' Retirement System (SDCERS) is scheduled to receive a final report today of an independent consultant's investigation into criminal activities of former and current board members.

Navigant Consulting Inc. was hired in August to investigate the actions of current and former board members who have been accused of criminal conflicts of interest (See  San Diego Pension Board Agrees To Turn Over Documents).   To preserve the independence of the investigation, Navigant was hired and managed by SDCERS’ fiduciary counsel, Reish, Luftman, Reicher & Cohen, the San Diego Daily Transcript reports.

Board president Peter Preovolos said in the news report, “Our determination to operate this institution in an open and transparent manner required that we have no oversight of Navigant Consulting’s work and that we hear in open session, the results of their exhaustive effort. We will be hearing these results for the first time along with the public and every other interested party.”

Four former SDCERS officials and its current lawyer were charged January 6 with wire fraud, mail fraud, and conspiracy to commit wire and mail fraud in a 20-count indictment issued by a federal grand jury (See  Five Indicted in San Diego City Pension Case), and six former SDCERS trustees were bound over for trial this week for criminal conflicts of interest (See  Six ex-SD pension Officials Bound Over for Trial ).