DETROIT, Jan. 4 (UPI) -- Federal authorities are investigating pension fund investments in Detroit that have lost millions of dollars, the Detroit Free Press reported Monday.
The Securities and Exchange Commission and a federal grand jury are investigating the activities of two pension funds, one for general city workers and one for the police and fire departments.
Soon after former Detroit City Council president and general pension board trustee Monica Conyers pleaded guilty in a bribery case involving a $1.2 billion contract to haul the city's sludge, questions are focused on Adrian Anderson of North Point Advisors, who screened investments for pensions that lost millions of dollars, the newspaper said.
Anderson's lawyer Anthony Chambers said he could not comment on the investigations.
Corruption charges also surround Sam Riddle, Conyers' former chief of staff, who is scheduled to go on trial later this month on charges he and Conyers demanded kickbacks from two companies that were soliciting investments from the general retirement board, the newspaper said.
