SEC Charges Hedge Fund Manager with $38 Million Fraud
Andrew Franzone allegedly used misappropriated funds to buy an airplane hangar for his race car collection.
Pensions
Fintech CEO Pleads Guilty to COVID Loan Fraud
Sheng-Wen Cheng claimed celebrities, athletes, and even a deceased Penn State football coach were on his payroll.
Bill Seeks to Allow 403(b) Plans to Use Collective Investment Trusts
Supporters say CITs are a less expensive alternative to mutual funds.
Norway’s Sovereign Wealth Fund Beats Benchmark with 4% Return in Q1
The $1.34 trillion pension giant reported a quarterly investment gain of $44.6 billion.
NY State Pension Commits to $400 Million in Sustainable Investments
The majority of commitments were for the world’s largest dedicated greenfield renewable energy fund.
Sterling Bancorp to Pay $12.5 Million to Settle Securities Lawsuit
An Oklahoma pension fund alleged the bank violated federal laws related to residential lending practices.
Investors Should Decarbonize Portfolios by 10% Annually, MSCI Says
The firm laid out plans for asset owners, managers, and other participants in a call to action this week.
Kentucky Public Pensions Authority Names Board Members
Only a few remaining vacancies remain for trustees of the state’s restructured pension systems.
Bill Would Move New Texas State Employees to 401(k)-Like Plan
The proposed pension reform would affect workers hired after Sept. 1, 2022.
PSERS Recertification Triggers Contribution Increase
Thousands of Pennsylvania teachers will have to pay more in contributions starting in July.
CalPERS Sues Former Employee for Allegedly Stealing Pension Money
More than $685,000 was stolen from 10 retirees, including a homeless person and beneficiaries under legal conservatorships, the fund said in its lawsuit.
NY State Pension Restricts Oil Sands Investments
The $247.7 billion fund has its sights set on shale oil and gas companies next.
UK Pensions Face Enforcement Action Over Climate Disclosures
The Pensions Regulator warns trustees not to shirk their climate risk disclosure responsibilities.
US Corporate Pension Funding Nudges Higher in FY 2020
Asset returns of 13.4% offset plunging discount rates to lift funded levels to 88.4%.
Florida Senate Passes Bill to Move Most State Workers to DC Plan
Opponents say the proposed legislation attempts to solve a problem that doesn’t exist.