PERAC Memo #35 - 2004: Ohio Indictment / Pension Trustee
Ohio Indictment / Pension Trustee
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This memo notifies retirement boards of the Ohio grand theft/ethics indictment of pension trustee Thomas Bennett, which implicated several investment/vendor firms (American Express/Northwinds Marketing, Lend Lease Real Estate Investment, Lowe Enterprises, and RREEF America) in providing improper gratuities. Boards with existing relationships with any of these firms must send a letter inquiring about the allegations and whether similar gratuities were provided in connection with their own dealings, submitting a copy to PERAC by September 27, 2004; boards without current relationships must ensure these firms address the allegations if they participate in future competitive procurement processes.
Full Text
Memorandum # 35/2004
M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: Ohio Indictment / Pension Trustee
DATE: September 15, 2004
Attached please find a press report relating to the indictment of Thomas Bennett, a member of the Ohio Police and Fire Pension Board for grand theft and ethics violations.
Several firms are mentioned as being involved in providing gratuities to Bennett including American Express/Northwinds Marketing, Lend Lease Real Estate Investment, Inc., Lowe Enterprises and RREEF America L.C.
In the event that your Board presently has a relationship with any of these firms please inquire of the firm (s) as to the nature of these allegations and the response that the firm is taking. In particular the Board must seek information as to whether any similar gratuities have been provided in regards to the Boards’ relationship with the noted firm. Please provide the Commission with a copy of the letter of inquiry by September 27, 2004.
All other Boards are advised that these firms must address these allegations as part of any competitive process to secure investment services.