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SEC sues Detroit investment manager for theft
The U.S. Securities and Exchange Commission (SEC) has charged Chauncey Mayfield, the CEO and founder of MayfieldGentry Realty Advisors (MGRA), and other members of the firm with allegedly stealing $3.1 million from a Detroit pension fund and trying to hide the theft from its investor.
Representatives from MGRA could not be reached for comment.
According to documents from the U.S. District Court in Detroit dated June 10, Mayfield and some of his colleagues at the Michigan-based firm took $3.1 million from the $3.4 billion Detroit Police and Fire Retirement System (DPFRS) without permission in 2008. The money was used to secretly purchase two shopping malls