Monday, July 29, 2013

In a new investigation of David Wilhelm's Hopewell Ventures just received via FOIA five minutes ago, it appears that he obtained a $10 Million investment from the Illinois State Board of Investment similar to that received from the Illinois Teachers Retirement System.

Wilhelm hastily left Illinois and returned to Ohio when the Feds were investigating Blagojevich. Illinois invites him to stand in front of municipal workers who are expecting that their retirement funds are safe and explain how he looted these funds for personal gain.

There was an additional investment obtain from the University of Illinois Endowment Fund for $500,000 that paid Wilhelm $197,729.96 in management fees now showing an ending balance of $225,378.77!

Apparently, his acumen as an investor parallels his success at TRS; the current value of the $10 Million initial investment is now valued at $4,507,575! This net amount also reflects his non-refundable management fees of $3,954,599.15.

These three ventures alone netted him and his partners $7.6 Million in management fees for $20.5 Million placed in his fiduciary care!! The value of all three funds has diminished dramatically to the detriment of retirees.

Again, ISBI refuses to provide the investment contract executed with Wilhelm so we have appealed this denial to the Illinois Attorney General's Office for review.

Devon Bruce, Chairman of ISBI should investigate who wired the deal for Wilhelm to obtain these funds at inception and would be prudent to initiate a lawsuit against Wilhelm to recover the principal and all management fees obtained. ISBI was another pension fund targeted by Wilhelm, Joe Cari, Thomas R. Reedy and Robert Vanecko for the express purpose of garnering management fees for personal gain.

Corruption Busters recommends that board minutes be reviewed to determine what board members are responsible for making the decision to award Wilhelm funds and determine what political ties influenced the decision.

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