One of the authors of this is from the law firm Reinhart that is defending Kentucky Retirement Systems in front of the Securities and Exchange Commission.
Take a look at this:
The fund is pursuing litigation against 17 former managers, hoping to recoup fees and losses the fund attributes to extensive pay-to-play schemes. And they’re pursuing it aggressively. “We caught one manager, Marc Correra, who had fled to France. And we served him in the lobby of his Paris apartment,” Wollmann said. Fraudsters, take note.
After a placement agent scandal in New Mexico, that state cleans house. In Kentucky? The scandal gets covered up and managers are rewarded. I.E., Blackstone, after being named in a placement agent investigation, gets rewarded with a $1 billion hedge fund job.
This is why Kentucky can’t have nice things.