The Securities and Exchange Commission has accused the head of aDetroit-based investment advisor of stealing nearly $3.1 millionfrom the pension fund that the firm manages for the city’s policeand firefighters so he could buy two strip malls in California.
Four other top officials at the firm were also charged withhelping him to cover up the theft.
The SEC alleges that Chauncey Mayfield, the founder, presidentand CEO of MayfieldGentry Realty Advisors, took the money from thePolice and Fire Retirement System of the City of Detroit withoutobtaining permission. When other executives at the firmbecame aware of what he had done, they devised a plan to secretlyrepay the pension fund by cutting costs at the firm and selling thestrip malls.
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