Tuesday, October 02, 2012

"Whistleblower Disputes Kentucky Retirement Officials on Placement Agent Claim" from WKU Public Radio I previously posted on CFA Chris Tobe's analysis of the use of RFP's to save the Kentucky Retirement System up to $85 million a year. See, CFA Chris Tobe Comments on Kentucky's Retirement System and the Need for RFP's (requests for proposals). Well, he was in the news in another matter involving finances and Kentucky Retirement Systems, and I am sharing that story with you. When the taxpayers are worried about their jobs and families, then government employees and those in financial positions with the government are going to be under rigorous scrutiny by those who are ultimately paying the bills. Whistleblower Disputes Kentucky Retirement Officials on Placement Agent Claim" A whistleblower and former member of the Kentucky Retirement System’s board of trustees is disputing claims that the pension plan hasn’t used placement agents recently. Chris Tobe is an investment expert who served on the system’s board for four years. He’s also the main witness in a Securities and Exchange Commissions investigation into KRS and its previous uses of placement agents. Officials at the pension agency told lawmakers yesterday that they hadn’t used a placement agent in three years. But Tobe says the agency uses a group called ORG for real estate deals and that ORG is registered as an agent in California. “And I think that to me, that disqualifies them as an independent consultant for KRS and that KRS should be much more sensitive to these issues since they are still in the middle of an SEC placement agent investigation,” he says. Tobe says ORG is registered as a placement agent for the California Teachers Retirement System and that ORG can't be an "independent consultant" in Kentucky and a registered agent somewhere else. Tobe also says KRS and even the legislature is ignoring an important report regarding Kentucky’s...
Courier-Journal: "Lawyers Winters & Yonker are suspended; firm's TV ads are off the air" If trouble comes in threes, we had number one with the appointment of Mr. Glover as bar counsel (Courier-Journal: "New Kentucky bar counsel once complained of changes brought by women lawyers"). Trouble number two in the ethics arena was sent up to Kentucky by way of Florida with a less than flattering story on local law firm Winters and Yonker, now Winters Yonker and Kannaday. Note the perplexing response by the KBA President that "it is monitoring the situation and if the firm advertises in Kentucky during the suspensions, it will be reported to the Florida bar." Tattling to the teacher is not a fine way of enforcing the rules in Kentucky. What is trouble number three? Well, I would submit that the nearly cavalier responses by the KBA President would be right up there. Here is a link to the various KENTUCKY Supreme Court rules on the practice of law. Another probing story by Courier-Journal reporter Andrew Wolfson: Lawyers Winters & Yonker are suspended; firm's TV ads are off the air The ubiquitous commercials for Winters & Yonker have been pulled from the airwaves in Louisville and Florida after the Tampa attorneys who head the law firm were suspended for misconduct. Known in Louisville as Winters Yonker & Kannady, the firm spent $651,000 on 12,212 spots in the Louisville market in the first eight months of this year alone, not counting any discounts they may have received, according to the Neilsen Co., which tracks TV advertising. William Winters and Marc Yonker, who promote themselves as the “aggressive attorneys,” were suspended for 91 days and 60 days respectively earlier this month by the Florida Supreme Court, which found they acted too aggressively when the stole clients from their former boss 11 years ago to start their own firm. The court...

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