Sunday, 19 April 2015
Last updated 21 hours ago
Jun 23 2014 | 8:57am ET
Private-equity firm TL Ventures has settled allegations it made political contributions to keep business from two Pennsylvania pension plans.
TL agreed to pay about $300,000, without admitting or denying allegations it violated “pay to play” while managing money for the Pennsylvania and Philadelphia plans. According to the Securities and Exchange Commission, one of the firm’s associates donated to the campaigns of both a Philadelphia mayoral candidate and Pennsylvania Gov. Tom Corbett after it was already offering advisory services to the pensions.
An SEC rule, adopted four years ago, bars firms from providing such services for two years after a donation to a candidate.
“When dealing with public pension fund clients, advisers to those kinds of investment vehicles should be mindful of the restrictions that can arise from political contributions,” SEC municipal securities and public pensions enforcement chief LeeAnn Ghazil Gaunt said. “When dealing with public pension fund clients, advisers to those kinds of investment vehicles should be mindful of the restrictions that can arise from political contributions.”
TL’s lawyer said the firm was “pleased to have this matter behind it.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…