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Detroit Strip Clubs: Chicago Invest Firm, Owner Ordered To Repay $50 Million To Pensions

By Darrell A. Hughes Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The former president of a Chicago-based investment firm has been ordered to restore $50 million in losses to five Michigan pension funds, the U.S. Labor Department said Wednesday.
The department filed a lawsuit in April 2008 against AA Capital Partners Inc., along with its co-owner and president John Orecchio, for allegedly misusing plan assets, charging the plans excessive fees on investments and making imprudent investments. The firm’s chief financial officer, Mary Elizabeth Stevens, and an affiliate were also named in the lawsuit.
From 2002 to 2006, Orecchio improperly used $25.9 million of the plans’ assets to pay for the firm’s operating expenses, renovations to a horse farm, and investing in a strip club owned by Orecchio, among other things.

See the full article from “EasyBourse.com”