At all times be aware of who is handling your money.  Remember no one will ever be more concerned about your money than you are. You’ve worked for it, now protect it.  Never assume your money is “safe” As Bernie Madoff reminded us, things aren’t always as they appear on the surface. Ask questions, kick the tires, never assume and don’t get lazy.

June 18, 2010 (PLANSPONSOR.com) – John Orecchio, a former investment adviser accused of misusing funds from six union pension plans was sentenced to nine years and four months in prison and ordered to pay $26.4 million in restitution.

The U.S. Department of Labor (DoL) filed a lawsuit on April 10, 2008 against AA Capital Partners, its co-owner and president Orecchio, chief financial officer Mary Elizabeth Stevens, and affiliate AA Capital Liquidity Management, LLC for allegedly misusing plan assets and charging the plans excessive fees on investments.  The suit claims that at various times from 2002 to 2006, the defendants improperly used $25.9 million of the plans’ assets to pay for, among other things, the operating expenses of the firm, renovations to a horse farm, and a strip club owned by Orecchio.

In addition, the DoL said they caused the plans to pay unauthorized fees to AA Capital.   Read More Here