Greedy, Greedy, SEC Tells Realty Boss

     DETROIT (CN) – MayfieldGentry Realty Advisors CEL Chauncey Mayfield swiped $3.1 million from a pension fund and four of his employees helped him cover it up, the SEC claims in court.
     In a statement announcing its lawsuit, the SEC accused Mayfield, 57, of Fort Lauderdale, of “stealing nearly $3.1 million from the pension fund that the firm manages for the city’s police officers and firefighters so he could buy two strip malls in California.”
     Mayfield “took the money from the Police and Fire Retirement System of the City of Detroit without obtaining permission,” the SEC said in the statement.
     In its federal complaint, the SEC pointed out that “The stolen $3.1 million could have provided a year of benefits for more than 100 retired police officers, firefighters, and surviving spouses and children.”
     The SEC added in its statement: “Other executives at MayfieldGentry gradually became aware that Mayfield had siphoned money away from their biggest client. Rather than come clean about the theft and risk losing the sizeable business the firm received from the pension fund, MayfieldGentry officials instead devised a plan to secretly repay the pension fund by cutting costs at the firm and selling the strip malls. Their plan ultimately failed when MayfieldGentry could not raise enough capital to put the stolen amount back into the pension fund.”
     Also sued are Blair D. Ackman, 42, a CPA, of Livonia, Mich.; Marsha Bass, 59, of Bloomfield Hills, Mich., MayfieldGentry’s chief operating officer; W. Emery Matthews, 40, of Detroit, MayfieldGentry’s chief investment officer, who owns 8 percent of the company’s stock; and Alicia M. Diaz, 50, of Grosse Point, Mich., MayfieldGentry’s general counsel and executive vice president, who also owns 8 percent of its stock.
     Mayfield is awaiting sentencing in a parallel criminal complaint, the SEC said.

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