Tag: Detroit pension funds
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SPECIAL REPORT: SEC Says Detroit Pension Funds Looted By Outside Manager, Used-Car Dealer; Agency Alleges Elaborate Fraud Into Which Millions Dumped Into Firms That Financed High-Risk Loans In Metro Atlanta
EDITOR’S NOTE: The story below is about a compelling case in which nearly $16 million in public-pension funds from the Detroit area allegedly ended up in the control of an Atlanta-area, used-car dealership that operates in a business segment commonly known in the auto trade as “buy here, pay here.” Research shows that the dealership…