failed pension investments while increasing his take from management fees.
Wilhelm's reverse Midas touch continues as Corruption Busters digs into his mismanagement of pension funds entrusted to him.
A new FOIA has revealed facts that Wilhelm and Hopewell Ventures had secured $5 Million in private investment funds from the Municipal Employees' Annuity and Benefit Fund of Chicago (simultaneous to an investment placed with his buddy Robert Vanecko at DV Urban. This time, Wilhelm has continued his streak of losses... -17.2 IRR while grabbing $1,939,113 in non-refundable management fees at the expense of the municipal workers and retirees!
Strangely, our FOIA response was authored by Mary Patricia Burns from the law firm Burke, Burns & Pinelli, Ed Burke's firm on behalf of MEABF. Certainly Mary would not entrust her personal investments to Wilhelm with this track record! If she had, we are certain the she would have terminated their management agreement at the first hint of losses, especially with their charging a management fee not dependent upon success.
Our FOIA request obtain a copy of the investment contract was denied as a "trade secret". This is complete nonsense. Wilhelm holds no proprietary formula for success; rather, he has a continued legacy of losing funds from inception. We have appealed the denial with the Illinois Attorney General's Office and will keep you posted if we secure this information.
UPDATE 8/15/2013: Further information provided by the fund after mediation of Corruption Busters' appeal by the Illinois Attorney General. We have now obtained the yearly analyses since 2004 that verifies continued losses of investment funds entrusted to Wilhelm since Day One.
The current value of the fund is just of $2 Million - a direct loss of close to $3 Million. The only winner here is Wilhelm!!
Previous action by the MEABF Board Vanecko was forcibly removed from management of the fund's investment by court order. We wonder why Wilhelm's contract was not terminated as he continues to make money while losing precious investment dollars.
Our latest tally of Wilhelm's management fees now totals $9.6 Million on management $25.5 Million with diminished value of the initial investments every year since 2004!
We strongly urge the contributors to these funds to initiate lawsuits for recovery of these funds that were granted to Wilhelm based upon clout and sole source deals.
The questions are
- What are the names of the MEABF board members who gave Wilhelm this contract?
- Who appointed them to the board?
- What are their patronage affiliations?
- Should they face personal liability for breach of trust and abuse of pension funds entrusted to their care?
We eagerly await response to these questions from the MEABF.