The Detroit News reports that a failed $10 million pension fund loan that led to a businessman's suicide and an international manhunt started with a $100,000 bribe to former Detroit Mayor Kwame Kilpatrick's father.

The allegations, made by Detroit businessman George Kastanes, who spoke before a federal grand jury in January, provide insight into a secret FBI investigation of the city's pension funds, which resulted in the indictment of former city treasurer Jeff Beasley.

The alleged bribe is the latest accusation against Bernard Kilpatrick, awaiting a September trial date along with his son on federal racketerring conspiracy charges.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.