Riley Urges SEC to Return to Rhode Island

If the state’s 38 Studios bonds were fraudulent in the SEC’s eyes because important information was omitted from the bond tender, what about Providence’s municipal bonds? This is Michael Riley’s interesting point in today’s GoLocalProv.

Last year, Segal Consultants confirmed the Providence Pension Plan had been overstating the assets in the Pension Plan for years. Segal itself warned 18 months prior of the unusual accounting that “overstated” pension assets and the pension funding ratio. …

I am asking the SEC to clarify the “Assets” in the Providence Pension plan. Since I do believe that Providence has been illegally borrowing from the pension plan, and that the assets labeled “other” are essentially an IOU, I am also asking about the timing and approval of these “loans” and whether the City of Providence owes interest on “loans” going back at least 12 years.

  • No products in the cart.