• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Chicago investment guru ‘stripped’ of $50 million

by on
in Employee Benefits Program,Human Resources

The U.S. Department of Labor has obtained a $50 million judgment against Chicago investment advisor John Orecchio for using money from six union pensions for his own private business interests.

According to the Securities and Exchange Commission, Orecchio used pension assets to pay for private jet travel, Super Bowl tickets, construction at his Michigan horse farm and renovations to a Detroit strip club he owns.

Under the judgment, Orecchio is barred from administering any employee benefits plan governed by the federal Employee Retirement Income Security Act (ERISA).

Orecchio has filed papers indicating he doesn’t have the $50 million handy right now, so the court ordered him to file annual financial statements and pay off the debt as he has funds to do so.

Orecchio and his Chicago firm, AA Capital Partners, allegedly misappropriated $25.9 million from the pension plans meant to provide retirement income to some 60,000 blue-collar workers in Michigan.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/10216/chicago-investment-guru-stripped-of-50-million "

Leave a Comment