MGRA Reaches $3.1M SEC Deal Over Detroit Pension Theft

Law360, Los Angeles (June 10, 2013, 10:49 PM EDT) -- MayfieldGentry Realty Advisors LLC, former investment adviser to Detroit's police and firefighter pension fund, has agreed to pay $3.1 million to reimburse the fund for money it allegedly stole to buy two shopping malls in California, according to the U.S. Securities and Exchange Commission.

The SEC announced the agreement the same day it filed a complaint against MGRA and five of its top officers, alleging violations of the Investment Advisers Act. MGRA CEO Chauncey Mayfield took $3.1 million out of the Detroit Police and Fire Retirement...
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