Today the former attorney for The Municipal Police Employees' Retirement System (MPERS), Randy Zinna, was sentenced to 30 months incarceration in Federal Court for stealing more than $1,500,000 from several sources.
I have blogged about MPERS on several occasions, here and here, particularly zeroing in on some bad investments.
One of those, of course, is Olde Oaks in Bossier Parish, which the system sunk more than $15,000,000 into, yet it ended up with a net worth of just over $3,000,000. Because of mismanagement of the system, police officers across the state are having to pay an addition 2.5% of their salary into contributions. The amount that the municipalities involved must contribute has risen exponentially.
The $1.2 billion program went from fully funded to $836.3 million short of meeting future retirement obligations.
Zinna was ordered to make restitution of $501,318.11 to MPERS and $136,614.10 to Olde Oaks. He also must make restitution to the Employers’ Retirement System for East Baton Rouge in the amount of $340,392.93, as well as $546,351.82 that he had swindled from a widow.
Zinna could have received up to 20 years in prison, but the U.S. Attorney filed a report indicating that Mr. Zinna should be allowed a three-level downgrade for sentencing guideline purposes due to his cooperation with the investigation and assistance with respect to other potential violators.
That’s where it gets interesting. I wouldn’t be surprised at all if more indictments follow.
More complete articles here, here and here.
Thursday, November 3, 2011
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Can u say Mike.....?
ReplyDeleteBill Fields is probably getting real nervous too.
ReplyDeleteA handful of people who wanted their own private domain are now costing everyong in the city big time.
ReplyDeleteIf "Mike" and Fields are responsible for even part of the damage to the retirement system then I hope they're put UNDER the jail...
ReplyDeleteWhat a great day it will be when the walls come tumbling down and there will be no place for the rats to hide. Some rats will start squealing on each other to make deals to save their hides, and others will make close relationships in prison.
ReplyDeleteHow about the professional golfer Hal Sutton who still owes $29 Million to the retirement fund for the golf course in Texas?
ReplyDeleteI guess living high on the hog with local police union funds (like the house the local union owned in Baton Rouge that only certain union members could go to, the expensive dinners on union funds , expensive drink tabs on union funds, trips to Vegas on union funds, etc.) just didn't satisfy some people that when they saw MPERS funds they thought they had struck the mother lode. I remember the day one of these people told me to "trust" them and I damn near puked, just knowing what they were. I hope you get the justice you deserve.
ReplyDeleteThe worst part is the municipalities get stuck paying for all shortfall with no recourse what-so-ever.
ReplyDeleteIt's not over! The best is yet to come!
ReplyDeleteAnon @ 6:44, I sure hope you are right. I would love to if a certain police union emeritus join a new union in prison.
ReplyDeleteNo matter how hard the nimrods in charge of Bossier City are telling everyone how great things are, the people are learning the truth. I just had a prominent business person tell me they hear things are going to hell in city hall and the police department.
ReplyDeleteDon't worry, someone in city Hall has a meeting with destiny.
ReplyDeleteI can confirm the news on the police department side. Between McWilliams having to fire all the idiots Halphen hired at end if his career and people just fed up with everything and leaving plus throw in the fact the city council refuses to let us hire anyone well you can see why we are headed in the direction we are headed. They are still trying to use the whole "economy is bad" excuse. David Jones and the mayor says there is enough money in the budget to hire 8 officers but David Montgomery says there isn't. Pick a side people. Elections are comings.
ReplyDeleteAnon 11:07, "Between McWilliams having to fire all the idiots Halphen hired at end if his career"? Are joking? Are you serious? The person I waa refering to mentioned Mc Williams and his administration as part of the problem.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteHow is McWilliams part of theproblem when the city council won't let him hire the number of officers necessary to protect this city. I think we already covered this in earlier topics. This city will continue to go downhill as long as Jimmy Hall is the city attorney and David Montgomery is a city councilman. McWilliams is doing what is necessary to bring respect back to our department. Calling him a drunk is slanderous and ridiculous unless you have some incident which you can refer to that proves your statement. I will agree with you on one point. There is one deputy chief that needs to retire. I still believe but can't prove that he was forced to promote Royce Chapman. You just have to understand the position McWilliams is in. Piss off Jimmy Hall and get fired or wait it out till the elections and hopefully the voters will remove these idiots we have running the city. I've seen the last few election so I'm not holding my breath.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteTopic: mpers.
ReplyDeleteRelated names: Halphen, Hall, Austin, Fields.
Convicted to date: One lawyer
Media: Pension reform because of the costs on the cities. AkA: Poison Pen Marty
Mcwilliams, Zagone have zero to do with the sins of their elders.
I got to read the last post before it was removed, and I understand why it was removed, but that person was 100 percent acurate.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteThe MPERS situation has been going on since 2003 when it was first reported by Baton Rouge Advocate reporter Penny Brown. Her investigation was thorough and exhaustive, and listed some of the names mentioned in these posts. None of them would comment of course. But they profitted immensely with free golf trips nationally and internationally, after voting among themselves to purchase three golf courses with MPERS money. I want to see some more indictments--maybe Zinna would like a prison sentence reduction if he cooperates. Then throw them in the same joint. Rats do tend to stay in the same sewer, don't they?
ReplyDeleteZinna has fully cooperated and so have others locally and statewide.
ReplyDeleteAnon @ 5:17, I don't think there has been enough cooperation. There are a couple of retired Bossier City officers and city administrators, and maybe a Shreveport officer or two who need to be cozying up with each other in a prison cell.
ReplyDeleteI agree. If this has been going on since 2003 and everyone is cooperating then I bet more people would be in jail by now. I am thinking with this attorney starting to talk then we are about to really start seeing people sweat. This is such a hot topic I don't see politicians sticking their necks out for any of these people either.
ReplyDeleteAfter the golf courses were bought with MPERS money, can any of the retired members remember voting for the purchase of them, without a cost of living adjustment for years, especially when they were operating in the red? And the Boot Ranch course was a mistake from the beginning. Lots were going for over 100K, and the city of Fredericksburg Tx was aginst them even being there. Why? The course would have taken the majority of their water for course use, leaving them without adequate water for the town. This was Hal Sutton's "baby" and he obtained the money from the MPERS system. Every member who voted for this purchase (it was not unanimous)should be held accountable. Retirees have not had a COLA in years. I bet I know who profited from this. It's time to hold them accountable.
ReplyDeleteHey, why is everybody upset? Bill Fields is living high on the hog. That's what counts isn't it?
ReplyDelete@Nov.8 11:11,
ReplyDeleteMembers of the system do not vote on investments, active or retired. The Fiduciary Responsibilitie is the responsibility of the elected board members. If you were educated on the state and federal laws governing our retirement system, you would know this. When was the last time you attended a MPERS meeting? I am sure never. You need to keep you mouth shut as to not expose your ignorance.