The Document is strikingly absent of any facts or analysis that were not already known to the auditors and therefore KRS and the public.
After all, if there are any additional placement agent abuses involving the assets of KRS, the pension may have been harmed and should want to know.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
In so doing, KRS acted as a prudently guided fiduciary.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
Further, the lengthy analysis provided by Unite Here suggested that the KRS real estate investment consultant may have received compensation related to certain specifically identified KRS real estate investments.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
In August 2010, Mr. Tobe had contacted the SEC upon learning of the existence of placement agents involved in certain KRS investments and related undisclosed fees for the first time.
There's also Common, E-40, Ice Cube, Busta Rhymes, Scarface, Slick Rick, KRS-One, Chuck D and Q-Tip -- again, a poetic bunch who've been in the game for more than a minute -- but none is Nas.
Consistent with his fiduciary duty as a KRS Board member and prior to contacting the SEC and later the FBI, Tobe informed the KRS Board of his original analysis of the facts regarding these suspect investments and undisclosed fees.
Nor do we believe that whistleblower protection laws can or should apply to a trustee and fiduciary of a retirement system one who has a fiduciary obligation to disclose pertinent information to KRS so the board and staff can protect the fund.
When the Board failed to take (in his opinion) appropriate action, he contacted the SEC and FBI, in order to protect the assets of KRS. It is our understanding that the information provided by Tobe to the SEC was not already known to the Commission.
Both Tobe and I, on his behalf, have assisted the Commission in its investigation of the KRS matter, including providing the Commission with a Report of Independent Counsel to SEC: Placement Agent Abuses at Kentucky Retirement System, a 32 page report dated March 12, 2012.
The addendum to my report sent to the SEC indicated that my client, Mr. Christopher Tobe, a former trustee of the Kentucky Retirement System, had recently received substantial information from an international labor union, Unite Here, indicating that a real estate investment consultant retained by KRS to provide objective advice to the pension received compensation from real estate investment managers it recommended, including placement agent fees.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
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