Free Republic

Two of Los Angeles Mayor Antonio Villaraigosa's appointees to a city pension board resigned today, one month after receiving a letter from the Securities and Exchange Commission asking them to identify income they had received from companies doing business with their agency. Sean Harrigan and Elliott Broidy, two members of the Los Angeles Fire and Police Pensions board, were asked to provide information to the SEC, which is investigating allegations of kickbacks at a New York state pension fund. Appearing at today's board meeting, Harrigan said the inquiry had created "a frenzy of media activity" that had placed him in...

The Securities and Exchange Commission is seeking detailed financial information from two members of the Los Angeles Fire and Police Pensions board, according to letters obtained by the Los Angeles Times in a joint investigation [1] with ProPublica. The letters to board members Sean Harrigan and Elliott Broidy ask for bank and brokerage account details, any finder's fees or placement agent fees, and documents "sufficient to identify all source of income greater than $10,000" received since the beginning of 2005. They represent the strongest evidence to date that the SEC's ongoing "pay-to-play" investigation of New York's state pension fund has...