We spoke with Chris Tobe, a former trustee of the Kentucky Employee Retirement System (KERS), who blew the whistle on underfunding and pension investment corruption in Kentucky’s pension system in 2010. Tobe claimed that for over a decade KY governors and legislators underfunded KERS, which provides pensions to state employees, and cutting deals with hedge funds to bring investment to KY.
In 2010, Tobe filed his complaint with the Securities and Exchange Commission (SEC) detailing hedge fund placement agents steering certain clients to do business with the Kentucky Retirement Systems after receiving large payments. He wrote a book about his experiences titled Kentucky Fried Pensions.
We talk pension corruption, forensic audits and bankruptcy. You can read his forensic audit of the Chicago Police Pension Fund entitled Twisted Priorities, the worst funded public pension plan in the United States.
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