News

Pa. pension adviser pays $300k in pay-to-play case

Written by The Associated Press | Jun 20, 2014 3:48 PM
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(Philadelphia) -- A private equity firm near Philadelphia will pay $300,000 to settle charges it violated a "pay-to-play" rule involving campaign donations.

TL Ventures of Wayne is accused of doing paid work for Philadelphia and state pension funds after an associate made $4,500 in campaign donations.

The Securities and Exchange Commission says the campaign donations went to Pennsylvania's governor and a Philadelphia mayoral candidate in 2011.

Both the mayor and governor appoint public pension board members. The SEC says they can therefore influence the selection of pension fund advisers.

TL Ventures lawyer Catherine Botticelli said the firm is happy to have the matter behind it.

The 2010 "pay-to-play" rule bans paid work within two years of a related campaign donation.

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Comments: 1

  • smithann635 img 2014-07-14 07:17

    Pensions are not high. Aged people have to borrow money. I live with my grand-mother and I have to take MI short term loan for consumers. It’s impossible to live with low pension and small scholarship. We try to economize but it is really hard. We wait when our government will help us.

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