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Feds warned Ohio Bureau of Workers’ Compensation about excessive fees
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| Contributor | RP |
| Last Edited | RP Aug 26, 2005 07:14pm |
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| Category | Scandal |
| News Date | Saturday, August 27, 2005 01:00:00 AM UTC0:0 |
| Description | Federal regulators repeatedly complained over several years that the Ohio Bureau of Workers’ Compensation paid excessive fees to some of its brokers — warnings that went unheeded.
The letters came as a surprise to commission members and caused them to change their positions, voting unanimously to scrap the in-house brokerage desk. The move is estimated to save the bureau $3 million a year in trading fees.
One of the brokerage firms mentioned in the SEC letters is Great Lakes Capital Partners, operated by Patrick White, a former Cleveland police officer.
Mr. White has been linked to Mr. Gasper, who was forced to resign as chief investment officer for the bureau after $215 million was lost in an unapproved Bermuda hedge fund.
Mr. White and his firm are active politically, contributing nearly $30,000 to candidates, most of them Republicans. Mr. White did not return a call seeking comment last night.
Today’s revelation of excessive brokerage fees is startling. Over two years ago, the SEC contacted the Taft administration about excessive fees and apparently nothing changed. And last year, Attorney General Petro was contacted by the SEC and still nothing was done,” Ohio Senate Democratic Leader C.J. Prentiss of Cleveland said. “This begs the question — why no action? As we peel away each layer of the onion, are we going to find a kickback scheme that was institutionalized by this administration to reward their campaign contributors? Why didn’t Governor Taft act? Why didn’t Attorney General Petro act?” |
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