SEC probes possible pay-to-play within Detroit pension funds after $480M in 'risky investments'

Oh, you guys are going to love this one. The Securities and Exchange Commission is investigating potential pay-to-play allegations and other shenanigans within Detroit’s public employee pension funds. This involves over $480 million being lost from the pension fund:

http://www.mlive.com/news/detroit/index.ssf/2011/02/sec_investigating_possible_pay.html

It's sickening how these things can happen and not too many people really care. I hope all involved face serious penalties and prison time.

Tell me about it. According to the article, the SEC is taking this seriously because there is a suspicion over this "pay-for play" scheme. Just a simple search about this whole ACN Distributorship reveals a massive business scam and that they are also being investigated.The real sorrow about this whole scam is that those who had invested into that pension fund will never see that money returned. It's all gone. Simply prosecutinig the people involved isn't going to return that money to the fund and it looks like the "City of Detroit" could end up facing a very huge, class-action lawsuit, on the part of those city employees who had paid into that fund.