RI Pension Investigator Siedle in NYT for $1M Indiana Settlement, Coming to RI in October
Tuesday, August 23, 2016
"I've been asked if regulators ever take my investigations seriously? Well, this is just the beginning," Siedle told GoLocalProv.com. "I told regulators they should pay attention to what's going on in Rhode Island."
In a July settlement, the bank paid $950,000 to Indiana, whose officials characterized JPMorgan’s practices as “outside the standards of honesty and ethics generally accepted in the securities trade and industry.”
“There’s no way these state regulators can ferret out Wall Street’s latest crime,” said Edward Siedle, a forensic fraud investigator at Benchmark Financial Services who represented the Indiana informant. “Leveraging the power of the whistle-blower is tremendously helpful, and it’s not costing the state anything.”
Coming to Rhode Island in October
Siedle will speak at the Crowne Plaza in Warwick on October 12, where he will review the findings of his completed crowdfunded forensic investigation of state pension fund's real estate investments.
"Before October, you can expect to see another settlement," said Siedle, following the development inIndiana. "We're now firmly in the era of where regulators are receptive to industry insiders who can utilize and share their knowledge."
Siedle noted that he will be coming out with a book shortly, as well.
"The book I'm working on his "How to Steal a Lot of Money," said Siedle. "I wrote articles with that headline, and someone seriously got in touch with me and said they wanted more info, and I thought it was funny. I've actually got a series of emails with this person. So I said -- that's the fiction that lead to truth."
"[Rhode Island Governor] Gina Raimondo will be in the book," said Siedle. "It's the section about how you don't have to make money for a client to be a successful money manager."
Related Slideshow: RI Public Pension Reform: Wall Street’s License To Steal
See the key findings from Forbes' columnist Edward Siedle, who unveiled his investigative report into the RI pension system, "License to Steal," in October 2013.
"The Employee Retirement System of Rhode Island has secretly agreed to permit hedge fund managers to keep the state pension in the dark regarding how its assets are being invested; to grant mystery hedge fund investors a license to steal, or profit at its expense using inside information; and to engage in potentially illegal nondisclosure practices," said Siedle.
So-Called Pension Reform Scheme Permanently Reduces Benefits To Retirees
"Whether retirees receive any COLA will depend upon both ERSRI’s funding level and the Fund’s actual investment returns—both of which are volatile, unpredictable and subject to manipulation by elected officials and others. The manipulation of both of these key goalposts has already begun. "
SEC Should Investigate ERSRI’s Failure to Disclose Skyrocketing Investment Expenses
ERSRI Agrees To Be Kept In The Dark, Grants Mystery Investors Licenses to Steal and Consents To Potential Nondisclosure Illegalities
SEC Should Investigate Questions Surrounding ERSRI’s Point Judith Venture Investment
Rhode Island Ethics Commission Opinion And “Blind Trust” Fail to Address Conflicts Regarding Point Judith Investment
SEC Should Investigate ERSRI Investment Consultant Conflicts, Payments From Money Managers
“Pay To Play” Placement Agent Abuses at ERSRI
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