A Lively Experiment - GoLocal’s Nagle Joins Panel to Discuss Raimondo’s Pay-to-Play

Monday, July 16, 2018


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GoLocal News Editor Kate Nagle

GoLocal's News Editor Kate Nagle joined the panel of RI PBS' "A Lively Experiment" to discuss Governor Gina Raimondo's pay-to-play scheme that was settled this week by the U.S. Securities and Exchange Commission. 

Others on this week's panel were Jim Hummel - Moderator, Bob Weygand - Former U.S. Congressman, Ken Block - Watchdog RI, and Dan McGowan - Reporter, WPRI.

Raimondo and RI Politics in Focus

This week GoLocal broke the story of the SEC sanctions.

As GoLocal reported, Oaktree Capital has been hit by the United States Securities and Exchange Commission for violating federal regulations including being involved with a pay-to-play scheme in Rhode Island with then-Rhode Island General Treasurer Raimondo as she was a candidate for Governor in 2014.

Raimondo invested in Oaktree as General Treasurer — the fund earned hundreds of thousands in fees from the state’s retirement fund. And, Oaktree charged one of the highest fees - 1.75 according to a GoLocal review in 2015.

Oaktree has admitted no guilt to the charges as a part of the agreement with the U.S. Security and Exchange Commission, which has fined Oaktree - who paid a civil penalty.

According to the SEC, "Between September 2014 and April 2016, three covered associates of Respondent made campaign contributions to candidates for elected office in California and Rhode Island, which offices had influence over selecting investment advisers for public pension plans in those states. Within two years after these contributions, Respondent provided advisory services for compensation to the public pension plans. By providing those advisory services for compensation within two years after the contributions, Respondent violated Section 206(4) of the Advisers Act and Rule 206(4)-5 thereunder." READ THE REST OF THE STORY HERE.

GoLocal also unveiled that Raimondo failed to notify the RI retirement board and the SEC.


Related Slideshow: SEC Suit Against Oaktree Capital Management - July 2018


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