VIDEO LIVE: Top SEC Whistleblower Siedle Endorses Fung for Governor, Calls for Investigation

Wednesday, October 24, 2018


Former Securities and Exchange Commission lawyer, Forbes columnist and record-setting federal financial whistleblower Ted Siedle endorsed GOP candidate Allan Fung for Governor.

Siedle on Tuesday night was featured in the PBS Frontline special which investigates the role of state governments and Wall Street in driving America’s public pensions into a multi-trillion-dollar hole. Frontline investigates the volatile fight over pensions playing out in Kentucky, and examine the broader consequences for teachers, police, firefighters and other public employees across the country.

In July, the Commodity Futures Trading Commission (CFTC)  announced an award of approximately $30 million to "a whistleblower who voluntarily provided key original information that led to a successful enforcement action." GoLocal learned that former SEC lawyer and Forbes columnist Ted Siedle is the recipient of the award.

The award is the largest award made by the CFTC’s Whistleblower Program to date and is the fifth award made by the program.

Fung Taps Siedle

“Raimondo basically took away grandma’s COLA and gave it to her friends on Wall Street.  When cutting benefits to our seniors, she took that money and lined the pockets of her friends in New York via the exorbitant fees that go along with hedge funds,” said Mayor Fung.

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Ted Siedle, former SEC investigator, joined Allan Fung on Wednesday in RI.

"The reform has been such a failure, Treasurer Magaziner is trying to reverse the course as most of the hedge funds ‘did not meet expectations’. More than half of any gains realized have been swallowed up by their own fees, said the Fung campaign.

Upon taking office, Fung said he will work at restoring COLAs on a "more frequent basis in a responsible way."

Raimondo Responds

In a preemptive press release issued early on Wednesday morning by the Raimondo campaign, spokesman Mike Raia said, “Allan Fung could feed a small village with the amount of spaghetti he’s throwing against the wall hoping something will stick. Later today he’s going to unveil a ‘plan’ to undo the pension reforms he supported. One can only hope he will at least change the typeface of his press release so it doesn’t perfectly mirror Joe Trillo’s pandering theatrics from last week.” 

In a recent guest MINDSETTER™ column in GoLocalProv, Siedle wrote, “There are three facts that should be abundantly clear to all Rhode Islanders by now—three unprecedented developments:

1.   [Gina] Raimondo raised unprecedented amounts of money from out-of-state mystery donors to support her political ambitions.

2.   Under Raimondo’s leadership, the state pension paid unprecedented amounts of money to Wall Street hedge funds in an outrageous gamble.

3.   The state pension suffered unprecedented losses—lost at least half billion as a result of Raimondo’s gambling.

These indisputable facts, I submit, warrant investigation of what I’ve called the largest crime in Rhode Island history.


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