AZ Police Assoc. wants criminal investigation into pension board - WSFA.com Montgomery Alabama news.

AZ Police Assoc. wants criminal investigation into pension board

PHOENIX (CBS5) -

The director of the Arizona Police Association wants answers.

Levi Bolton wants a criminal investigation to see if the retirement funds of police and firefighters have been grossly mishandled.

"Would you give the captain who ran your ship into the rocks a performance bonus?" asked Bolton. "Probably not."

Bolton has just sent a letter to the state attorney general's office requesting a criminal investigation into the conduct of board members with Arizona's Public Safety Personnel Retirement system.

The board of trustees has been giving out lucrative bonuses to its investment staff, while the trust was posting huge financial losses from 2008 to 2012.

Concerns have also been raised about administrators recording higher values on real estate investments, rather than reporting lower values as determined by an independent appraiser.

"One thing that is a clue to nefarious behavior, or at least conduct that certainly is suspicious, is an attempt to cover it up," said Bolton. "When I see that, that is a problem."

CBS 5 went to the board of trustees annual meeting Wednesday to get some answers.

Board Vice President Greg Ferguson said that they are currently investigating the allegations of mismanagement, but he does not believe they have done anything wrong.

"We went out and hired an independent law firm to come in and look at our process," said Ferguson. "We think there is nothing wrong with the process. We've had auditors look at it and we have nothing to hide. We think we are doing everything correctly."

The board voted this week to end the practice of giving bonuses to its investment staff, which should save taxpayers more than $200,000 this fiscal year.

No word yet on whether the attorney general's office will launch an official investigation.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved

  • NewsMore>>

  • Trump budget faces Dem opposition, GOP doubts about math

    Trump budget faces Dem opposition, GOP doubts about math

    Thursday, May 25 2017 10:20 AM EDT2017-05-25 14:20:37 GMT
    Thursday, May 25 2017 10:20 AM EDT2017-05-25 14:20:37 GMT

    Trump on Tuesday released a 10-year budget plan containing jarring, politically unrealistic cuts to the social safety net and a broad swath of domestic programs.

    More >>

    Trump on Tuesday released a 10-year budget plan containing jarring, politically unrealistic cuts to the social safety net and a broad swath of domestic programs.

    More >>
  • Angry UK to confront Trump on leaks as NATO leaders meet

    Angry UK to confront Trump on leaks as NATO leaders meet

    Thursday, May 25 2017 10:20 AM EDT2017-05-25 14:20:00 GMT
    Thursday, May 25 2017 10:20 AM EDT2017-05-25 14:20:00 GMT

    President Donald Trump will be in the heart of Europe to address a continent still reeling from his election and anxious about his support.

    More >>

    President Donald Trump will be in the heart of Europe to address a continent still reeling from his election and anxious about his support.

    More >>
  • Foreign meetings omitted from Sessions' security clearance

    Foreign meetings omitted from Sessions' security clearance

    Thursday, May 25 2017 10:19 AM EDT2017-05-25 14:19:48 GMT
    Thursday, May 25 2017 10:19 AM EDT2017-05-25 14:19:48 GMT
    The ranking Democrat on the House intelligence committee says the panel will be issuing subpoenas to get former National Security Adviser Michael Flynn to cooperate with its investigation into Russian activities...More >>
    The ranking Democrat on the House intelligence committee says the panel will be issuing subpoenas to get former National Security Adviser Michael Flynn to cooperate with its investigation into Russian activities during the 2016 election.More >>
Powered by Frankly