SEC Requests Data From Two Dozen Firms in Pension Investigation

SEC Requests Data From Two Dozen Firms in Pension Investigation - 6/9/2009

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SEC Requests Data From Two Dozen Firms in Pension Investigation
Jesse Westbrook

Bloomberg. June 9, 2009
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EXCERPT: The U.S. Securities and Exchange Commission is seeking information from more than two dozen pension funds, placement agents and other companies as it steps up an investigation into whether money managers made improper payments to win business. “The SEC is interested in finders’ fees and other payments,” spokesman John Nester said late yesterday. The SEC contacted pension-fund managers, agents that line up business for investment advisers and “other intermediaries,” he said. The request suggests the SEC is expanding an investigation being conducted with New York Attorney General Andrew Cuomo into whether private-equity firms and hedge funds made illegal payments. In March, the SEC and Cuomo accused former New York Deputy Comptroller David Loglisci of arranging for the state pension fund to invest $5 billion with money managers that had paid kickbacks to former Democratic adviser Henry Morris. Goldman Sachs Group Inc., Credit Suisse Group AG, UBS AG and Bank of America Corp. are among firms the SEC is contacting, the Wall Street Journal reported earlier today. The SEC enforcement division, which investigates and prosecutes fraud, is making the requests. Placement agents call on institutions and wealthy individuals to sell investments on behalf of hedge funds, private-equity firms and venture-capital firms. Indictments and civil complaints filed by Cuomo and the SEC describe officials using political ties and financial self-interest to trump merit when deciding who gets to invest public money.

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