Pension Fund Officials Found Guilty

[Ray1936]

Ray:

Damn shame what happened. Truly sorry for you.

You and the other PFRS retirees trusted fellow DPD officers and union leaders Marty Bandemer and Paul Stewart to do right by you. They pissed away millions of pension fund money by accepting bribes for their own personal gain.

And where are “pension advisors” like Robert Shumake that paid the bribes to them? Shumake wasn’t even indicted and may never be indicted. Instead he is promoting himself as a “#1 Best Selling Author, International Business Strategist, Philanthropist, Diplomat, CEO” in an effort to cover up all of his negative publicity with the pension funds.

Well, with me, the problem is I retired in 1984. All this shit happened after I left. During my time with DPD, I was an elected trustee of the Detroit Police Benefit Association, which provides for a 5k retirement endowment and a 7k life insurance policy. It is paid for by dues deduction; the city provides nothing to this association, other than allowing for the Police Field Day, which used to bring in additional funds. During that time, I, and I know all my fellow trustees, watched our investments like a hawk. There has never been a scandal in the DPBA, even to this day.

[Smirnoff]

Prison terms to start soon for Paul Stewart, Jeffery Beasley and Roy Dixon.

http://www.freep.com/story/news/loca...ercy/73030994/

”Ex-Detroit pension trustee Paul Stewart is going to prison for nearly five years for his role in a bribery and kickback scheme that cost city pensioners and police officers $47 million in losses while the businessmen he catered to made off with $5.2 million.”

“Stewart’s sentence came one week after a codefendant, former Detroit Treasurer Jeffrey Beasley, was sentenced to 11 years in prison for his role in the bribery and kickback scheme. Prosecutor say Beasley's actions cost the pension funds $97 million in losses.”

“Atlanta businessman Roy Dixon, who prosecutors said used stolen pension funds to help build an $8-million mansion, was sentenced today to 3 1/2 years in prison for bribing former Detroit Treasurer Jeffrey Beasley with a luxury vacation and $2,000 cash in exchange for favorable treatment before the pension boards.” ….. “Those investments eventually soured and cost the pension funds $47 million in losses while the bribers made off with $5.2 million.”

Dixon embezzled the money with the help of Michael Farr, a former Detroit Lions wide receiver who was never charged with a crime, prosecutors said.

When Dixon’s sentence was announced he screamed “Oh, Jesus!” and fell into a courtroom lectern.

George Stanton, the former chief of staff to ex-Detroit City Councilwoman Alberta Tinsley-Talabi, pleaded guilty to his role in the scheme in 2013 and will be charged tomorrow – Thursday.

Chauncey Mayfield conspired with Beasley to pay him bribes in exchange for new business from the pension funds. Mayfield will be sentenced Oct. 7.

Well, looks like it's off to "Camp Cupcake" for these dudes; a little R&R, weight lifting, aerobics, writing a book[[s), maybe a college degree.....what an injustice, the sentences & restitution are way too light for the criminal disposal of millions & millions of dollars from public servants who risked their life on the job everyday! Now, beginning 2 years ago, the police & fire retirees along with their families have NO health insurance, NONE!

[Packman41]

No jail time for George Stanton, the Tinsley – Talabi staffer that accepted bribes.

http://www.freep.com/story/news/2015...scam/73161594/

“A former Detroit public official who pocketed more than $100,000 in bribes was spared a prison sentence today due to his cooperation, convincing the prosecution and judge that he was doing some dirty work at the behest of his former boss, former Detroit Councilwoman Alberta Tinsley-Talabi.”

“Stanton ….. received probation for taking bribes from businessmen who received millions of dollars in investments from the pension system. Stanton helped make that happen, prosecutors said, with the help of his boss, Tinsley-Talabi.”

“Tinsley-Talabi has never been charged, though according to court records, she's been on the federal government's radar for years.”

Hmmm…………… How come she has “diplomatic immunity???

Meanwhile Chauncey Mayfield will be sentenced on Wednesday, October 7^th – stay tuned.

[Jimaz]

... insulin and other scripts will cost over a thousand a month. Even Medicare Part D plans, with the large deducatble and 'donut hole' problem, will really hurt. Gonna be tough to find someone who will hire a 79 year old, I guess.

Have you considered buying from a Canadian pharmacy? [[Or maybe from your location, Mexican.) Seriously, some people have had success going that route.

Would be a possibility, but insulin is heat-sensitive. Not good to get in the mail here in Las Vegas.

There is no sane reason why life has to be this difficult for Americans.

Attachment 28244
End Prescription Drug Price Gouging

• Sanders.Senate.gov
• BernieSanders.com

[Jimaz]

Attachment 28246
Pharma Price Gouging Out of Control

Last week, Martin Shkreli managed to make the entire United States angry by buying the rights to a generic drug and then raising the price by over 5,000% overnight. What Shkreli did is deplorable, but he didn’t invent that scheme – that’s how Big Pharma has been operating for decades. For more on this, let’s check in with Howard Nations.…

[Packman41]

This is justice?

Dead lawyer's family gets to keep his illegal proceeds

http://www.freep.com/story/news/loca...eeds/73413982/

“The ill-gotten proceeds of a convicted pension fund lawyer will go back to his family – not Detroit retirees – because he died while appealing his conviction, a federal judge ruled today.

….U.S. District Judge Nancy Edmunds erased everything that had to do with the criminal case of pension fund attorney Ronald Zajac: the guilty verdict, the indictment, and the forfeiture order that required Zajac to surrender $150,000 of his ill-gotten gains after a jury convicted him of conspiracy in a bribery scheme that cost the city’s pension funds $200 million in losses.”

[Honky Tonk]

This is justice?

Dead lawyer's family gets to keep his illegal proceeds

http://www.freep.com/story/news/loca...eeds/73413982/

“The ill-gotten proceeds of a convicted pension fund lawyer will go back to his family – not Detroit retirees – because he died while appealing his conviction, a federal judge ruled today.

….U.S. District Judge Nancy Edmunds erased everything that had to do with the criminal case of pension fund attorney Ronald Zajac: the guilty verdict, the indictment, and the forfeiture order that required Zajac to surrender $150,000 of his ill-gotten gains after a jury convicted him of conspiracy in a bribery scheme that cost the city’s pension funds $200 million in losses.”

Yet another slap in the face to those that served. What a stupid law.

[Wesley Mouch]

This is justice?

Dead lawyer's family gets to keep his illegal proceeds

http://www.freep.com/story/news/loca...eeds/73413982/

“The ill-gotten proceeds of a convicted pension fund lawyer will go back to his family – not Detroit retirees – because he died while appealing his conviction, a federal judge ruled today.

….U.S. District Judge Nancy Edmunds erased everything that had to do with the criminal case of pension fund attorney Ronald Zajac: the guilty verdict, the indictment, and the forfeiture order that required Zajac to surrender $150,000 of his ill-gotten gains after a jury convicted him of conspiracy in a bribery scheme that cost the city’s pension funds $200 million in losses.”

Meanwhile, I contributed near the max [[13%) to my 401k, invested mostly in Dow Index funds, and have seen the value skyrocket over the last 10 years INCLUDING staying the course during the 2007/8 drop of what seemed like about half the value. Its back.

You can be try to beat them, or you might try joining them.

There has never been a 20-year period in modern history where the DJ has lost value. Only 1% of the time, was there a loss over a 10-year period. The average return is around 10%, so long as you just ignore it and stay invested.

CTY, what say you?

[Packman41]

The last Detroit pension fraud defendant gets probation and 150 hours of community service.

Chauncey Mayfield, who stole $3 million from a Detroit pension fund and paid ex-Mayor Kwame Kilpatrick and others $187,000 worth of bribes, including private jet flights and resort vacations, avoided prison Wednesday for his role in a corruption scandal.

http://www.freep.com/story/news/loca...tion/73514154/

[Honky Tonk]

The last Detroit pension fraud defendant gets probation and 150 hours of community service.

Chauncey Mayfield, who stole $3 million from a Detroit pension fund and paid ex-Mayor Kwame Kilpatrick and others $187,000 worth of bribes, including private jet flights and resort vacations, avoided prison Wednesday for his role in a corruption scandal.

http://www.freep.com/story/news/loca...tion/73514154/

Does he get to keep it too? If so, how can I steal $3 mil from a Detroit Pension Fund?

[Packman41]

No, he did not keep the $3.1 million. This updated story by the FREEP says that on the very same day that Chauncey Mayfield was hit with a lawsuit from the Securities and Exchange Commission accusing him of stealing $3.1 million from the pension fund he suddenly agreed to pay nearly $3.1 million to settle the case.

Wonder why he had to wait for the SEC to get involved before he made the restitution offer?

http://www.freep.com/story/news/loca...tion/73514154/

What I want to see returned is the $3 million Roy Dixon embezzled from the pension fund.

[Smirnoff]

Anyone know if Paul gets to keep his mistress.....anyone?