Fifty-Six Page Report On Alleged CalPERS Fraud Released Tuesday
Lakers PhotosLakers vs. FC Barcelona The Los Angeles Lakers face off with Pau Gasol’s former team and European Champions FC Barcelona on October 7, 2010. Nike's House of Hoops In Barcelona and Basketball Clinic Kobe Bryant and Pau Gasol go against Ricky Rubio and Juan Carlos Navarro on a 2-on-2 game Lakers Travel To London Pilots hold up a Lakers flag before the Los Angeles Lakers travel to London at LAX on September 30, 2010, in Los Angeles, California. Barcelona Goes Crazy For The Lakers The Lakers arrived in Barcelona, Spain to huge crowds and lots of media at their practice inside Palau Blaugrana stadium. Lakers star Pau Gasol is from Spain.
LOS ANGELES (AP) — Money managers have paid more than $180 million to middlemen as a way to gain investment business from the nation’s largest public pension fund, and at least some of those costs likely ended up being paid by the fund itself through inflated fees.
That’s among the findings in a 56-page report to be presented Tuesday to the board of the California Public Employees’ Retirement System. The review, released to reporters late Monday, is part of the fund’s investigation into alleged wrongdoing by former officials.
A law firm is examining the use of “placement agents,” the middlemen hired by money managers to attract cash from big institutional investors. The state has sued a former chief executive and a placement agent who once was a CalPERS board member, alleging fraud and kickbacks.
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