SEANC Files Formal Public Records Request for Documents Pertaining to State Retirement Investments

Jan 13, 2014



RALEIGH, N.C. — The State Employees Association of North Carolina made a formal public records request on Friday of documents pertaining to investments made by the Department of State Treasurer with funds from the Teachers’ and State Employees’ Retirement System.

“We’re pleased that State Treasurer Janet Cowell has said publicly that she will cooperate with the investigation,” said SEANC Executive Director Dana Cope, who filed the request on behalf of the association. “We’re taking her at her word and are ready to get started.”

The request asks state Treasurer Janet Cowell to provide copies of memos, agreements and contracts associated with TSERS investments since January 1, 2003. Cope also requested a disclosure of total annual fees applicable to each investment and any documents related to payments to intermediaries including placement agents during that time.

SEANC also asked for any documents related to correspondence between Cowell’s office and/or TSERS and the United States Securities and Exchange Commission, the Federal Bureau of Investigation and any other regulator or law enforcement agency since January 1, 2008.

The documents will be used as part of a forensic investigation conducted by Benchmark Financial Services, headed by Edward Siedle, which will examine investments for conflicts of interest, fees payment, disclosure practices, placement agents and other potential violations of federal securities law.

The request was both hand-delivered and emailed to the Department of State Treasurer.