U.S. Ends Investigations Into Arizona Pension Real Estate Valuations; No Wrongdoing Found


Federal officials have closed two investigations into the Arizona Public Safety Personnel Retirement System, which were examining the fund’s real estate valuations.

Federal officials said no wrongdoing was found.

From the SF Chronicle:

The board chairman for the Public Safety Personnel Retirement System says both the Justice Department and Securities and Exchange Commission have terminated their investigations after finding no criminal misconduct.

Chairman Brian Tobin announced the closures on Wednesday and says they end probes prompted by whistleblowers. A joint FBI/Justice Department investigation into the case concluded in November there was no evidence of criminal wrongdoing.

The investigations were launched in 2013 when former pension plan employees alleged senior managers inflated values to qualify for bonuses.

Tobin says the allegations were false and unjustly damaged public trust in the agency and its employees.

The pension fund recently concluded a months-long search for a new administrator, hiring Kevin Olineck.


Photo credit: “Entering Arizona on I-10 Westbound” by Wing-Chi Poon – Own work. Licensed under CC BY-SA 2.5 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Entering_Arizona_on_I-10_Westbound.jpg#mediaviewer/File:Entering_Arizona_on_I-10_Westbound.jpg

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