Sunday, November 25, 2007

Pension Swindled?

From a regular contributor, we received an e-mail that notified us of an upcoming trial in Phoenix, Arizona regarding a swindle of the Chicago Police Pension Fund amounting to something over a million dollars by an organization that operates under the name "The Apollo Group." We'll quote a bit from the letter:
  • I have received the following information regarding a court case that affects the Chicago Police Pension Fund. The Apollo Group apparently defrauded our pension fund of over A Million Dollars. This case will be heard starting this coming Tuesday at Federal Court in Downtown Phoenix, The Chicago Police Pension Fund would like representatives from our group to act as observers in our behalf at this trial. Please read the following information carefully, and try to attend this trial (or part of it) which is expected to last until January of 2008
Any of our retiree readers have info? Anyone been following this? Our pension is funded at less than 50% of outstanding liabilities, so any swindle, no matter the size, constitutes an emergency in our opinions.

Also, coming up Monday, we have a reader who sent us an evaluation of the problems facing the pension fund and we'll be publishing his letter in full.

This is something we need to get some action on.

Labels:

13 Comments:

Anonymous Anonymous said...

SCC/

Please show me how Daleys nephews' involvement in our pension fund is no different than the teamster pension looting and racketeering investigation/indictments. The scum times article should have created an up roar but yet our union is speechless.

Our pension money is fronted for a non collataral loan no bank would touch and we are sitting here like deaf mutes...Why cant we have the insight the CFD pension board had.

11/25/2007 12:19:00 AM  
Anonymous Anonymous said...

I Googled Apollo, and it seems that they are involved in some lititgation regarding the overstatement on the value of their stock options. It seems that they are a multi-billion dollar investment company, so this is more like false advertisement than swindle.

11/25/2007 05:49:00 AM  
Anonymous Anonymous said...

"They" have been looting the pension fund for years.

11/25/2007 08:34:00 AM  
Anonymous Anonymous said...

The pension fund forgave the city a pension fund payment at one time. I could be wrong but I think it was like 52 Million dollars. At one time we had the best most solvent fund of all but the whores could not leave well enough alone and had to screw it up. When they leave you broke, in the gutter with no pension and no insurance remember it is a proud thing to go out POSTAL and take evil people with you rather than end up in the gutter ridiculed ,scorned, homeless and broke!

11/25/2007 11:08:00 AM  
Anonymous Anonymous said...

pension? I can't retire for another 20 years! There will be no pension by then...

11/25/2007 11:09:00 AM  
Anonymous Anonymous said...

BEEN SAYING THIS FOR YEARS!! Hello wake up It is time to act! What no more prize at the end? KMA

11/25/2007 01:33:00 PM  
Anonymous Rosemarie "Ro" Giambalvo said...

SCC,

Does anyone have names of the board members from Apollo? It would be interesting to find out if any of them sat on our pension board in the past...

11/25/2007 01:37:00 PM  
Anonymous Anonymous said...

If the pension going bankrupt is a certainty, is it possible we file a class-action lawsuit to account for the $$ we’ve all contributed into the fund?

11/25/2007 02:23:00 PM  
Anonymous Anonymous said...

Is Appollo run by Eddie Burke, sure sounds like an Eddie Burke scam. Usually when a scam is being runon the little guy Eddie Burke is behind it.

Or maybe it's Anne the judge, is she behind this?

11/25/2007 04:39:00 PM  
Anonymous Anonymous said...

Guys like "Shiklegroover"(the paperhanger) have been addressing this issue since the start of this blog.
"we need to get some action"
Thats something the FOP should be doing.And what sez all these pension board people?
THEY seem to think they can operate
w/impunity;if these pensions "tank",why do THEY feel that nothing is going to happen to them or their families?

11/25/2007 09:19:00 PM  
Anonymous Anonymous said...

Anonymous said...
Is Appollo run by Eddie Burke, sure sounds like an Eddie Burke scam. Usually when a scam is being runon the little guy Eddie Burke is behind it.

Or maybe it's Anne the judge, is she behind this?

11/25/2007 04:39:00 PM

Maybe? His detail guys making D-3 plus working 14 days a month can maybe shed some light on this!

11/26/2007 01:34:00 AM  
Anonymous Anonymous said...

WHAT ELSE IS NEW IN THIS CORRUPT CITY? HOW MUCH LONGER TILL THE KING WILL GO TO JAIL?

11/26/2007 05:14:00 PM  
Anonymous Anonymous said...

More like false advertising than swindle???? That's exactly what that big stock scandal was a few years ago when those guys all went to prison and one killed himself.

11/28/2007 12:16:00 AM  

<< Home

Newer Posts.......................... ..........................Older Posts