MGRA Can't Duck SEC Suit Over Alleged Detroit Mayor Bribes

Law360, New York (October 11, 2012, 7:04 PM EDT) -- A federal judge on Thursday refused to throw out a U.S. Securities and Exchange Commission lawsuit alleging investment adviser MayfieldGentry Realty Advisors LLC bribed former Detroit Mayor Kwame Kilpatrick to win access to city pension money.

The commission's allegations against MayfieldGentry and its CEO, Chauncey C. Mayfield, are adequate to survive a motion to dismiss, U.S. District Judge Victoria A. Roberts ruled.

MGRA allegedly won $117 million in investments from two Detroit city pension funds after giving gifts to the funds' trustees — Kilpatrick, who has...
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