{"id":5872,"date":"2015-09-26T00:00:00","date_gmt":"2015-09-26T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/09\/pension_fund_fraud_exdetroit_t"},"modified":"2022-05-17T13:43:00","modified_gmt":"2022-05-17T18:43:00","slug":"pension-fund-fraud-exdetroit-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/pension-fund-fraud-exdetroit-t\/","title":{"rendered":"Pension Fund Fraud: Ex-Detroit Treasurer Gets 11 Years in Prison, Gates Foundation Trust Sues Petrobas, Utah Bank to Pay $5M Over Missing Retirement Monies"},"content":{"rendered":"

Ex-Detroit Pension Trustee Gets 11 Years in Prison<\/strong>
\nJeffrey Beazley, a former treasurer of the city of Detroit, Michigan, has been sentenced to 11 years behind bars for getting kickbacks and bribes from businessmen who received hundreds of millions of dollars from two of the city\u2019s pension systems. Beasley, a former fraternity brother of ex-Detroit Mayor Kwame Kilpatrick, was treasurer of the city from 2006 until September 2008. He was in charge of both pension systems and served as trustee for the city\u2019s Police and Fire Retirement System and General Retirement System.<\/p>\n

The two pension systems serve over 30,000 pensioners, city employees, and beneficiaries. The kickbacks and bribes were part of a wider corruption scam involving Kilpatrick and others and cost the pensions over $97 million. The former mayor is serving 28-years behind bars for his role. A jury found Beasley guilty of bribery, extortion, and fraud conspiracy.<\/p>\n

The Bill and Melinda Gates Foundation Trust Sues Petrobras and Its Auditor<\/strong>
\nThe Bill and Melinda Gates Foundation Trust, which is the trust that oversees the $41 billion endowment of the couple\u2019s foundation, has filed a lawsuit accusing Brazil\u2019s Petr\u00f3leo Brasileiro SA (Petrobras) and its auditor of involvement in a widespread corruption scam. The trust claims they lost millions of dollars because of the scheme. WGI Emerging Markets Fund, LLC, which managed investments for the Gates trust, is a co-plaintiff.<\/p>\n

While other plaintiffs have also sued Petrobras, the oil company remains adamant that it was the victim of bribery and a bid rigging plot involving a few company insider and suppliers. Among US investors that have filed over a dozen complaints are those that purchased Petrobras-sold American depositary receipts. These plaintiffs include the Rhode Island city of Providence, public pension funds in Hawaii and Idaho, and the Attorney General of Ohio.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ex-Detroit Pension Trustee Gets 11 Years in Prison Jeffrey Beazley, a former treasurer of the city of Detroit, Michigan, has been sentenced to 11 years behind bars for getting kickbacks and bribes from businessmen who received hundreds of millions of dollars from two of the city\u2019s pension systems. Beasley, a former fraternity brother of ex-Detroit […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3957],"tags":[],"class_list":["post-5872","post","type-post","status-publish","format-standard","hentry","category-pension-funds"],"yoast_head":"\nPension Fund Fraud: Ex-Detroit Treasurer Gets 11 Years in Prison, Gates Foundation Trust Sues Petrobas, Utah Bank to Pay $5M Over Missing Retirement Monies — Investor Lawyers Blog — September 26, 2015<\/title>\n<meta name=\"description\" content=\"Ex-Detroit Pension Trustee Gets 11 Years in Prison Jeffrey Beazley, a former treasurer of the city of Detroit, Michigan, has been sentenced to 11 years — September 26, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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