PROVIDENCE Journal \u2014 Following up on a scathing 105-page report, financial industry critic Edward \u201cTed\u201d Siedle called on the U.S. Securities and Exchange Commission Monday to investigate \u201csoaring investment fees\u201d and possibly illegal investment practices that the state Employees Retirement System has pursued under General Treasurer Gina M. Raimondo.<\/p>\n
Siedle, hired by Council 94 of the American Federation of State, County and Municipal Employees to review state pension fund investments, said the complaint builds on his earlier report and provides a \u201csilver platter\u201d of information \u201cwith in-depth analysis\u201d for the SEC to investigate.<\/p>\n
The complaint, which Siedle provided to The Providence Journal, specifically asks the SEC to look at:<\/p>\n
Investment fees that have been \u201cgrossly understated\u201d and \u201cintentionally withheld\u201d from public view;<\/p>\n
Investment agreements that allow hedge fund managers to withhold information from the state while they share it with other investors, putting them in a position to benefit at the state\u2019s expense, or, as the complaint puts it, \u201csteal from the state pension\u201d;<\/p>\n