The selection of Smith by new general manager John Idzik seriously clouds the future of Sanchez, the team's first-rounder in 2009 who led the Jets to consecutive AFC championship game appearances but has struggled mightily the past two seasons.

NPR: Jets Draft QB Geno Smith In 2nd Round

The letters stated that the SEC believes Merrill did not provide relevant information about fees, manager selection and conflicts of interest.

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The manager-selection side of his business is kept separate from the seminar side, he insists, and actually represents less than 10% of Callan's revenue.

FORBES: Pay For Play

Pension consultants: Pay-to-play schemes where the objectivity of the advice the consultant is providing regarding asset allocation, money manager selection and brokerage is corrupted as a result of secret compensation schemes.

FORBES: No One's Fulltime Job: Speech at Florida Atlantic University, School of Accounting (June 1, 2006 )

Vorhauser-Smith has more than 25 years of experience in corporate and entrepreneurial business environments, including positions as Head of Selection and Development at Westpac Banking Corporation, Human Resources Manager for Citibank Limited, and General Manager of Integrated Talent Management for PageUp People.

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Our investigations have shown that no party exerts as great an influence on the overall success of a pension that a consultant who provides sound asset allocation, manager selection and other advice.

FORBES: SEC Scrutiny of Pension Consultants: A Call To Action (February 28, 2004 )

"We have been very impressed with Rowan's contribution to the game in Hong Kong and have no hesitation in inviting him to be part of our squad, " Derek Quinnell, team manager of the Barbarians, or Baa-Baas, said in a statement following Varty's selection last month.

WSJ: Barbarians Shape Up For Lions Rugby in Hong Kong