Thursday, August 8, 2013

So the old joke goes... "How do you become a millionaire? Start out as a billionaire!"

Employing his proven OPM (Other People's Money) strategy, David Wilhelm and Hopewell Ventures continue their losing streak of pension fund monies while increasing their personal take via management fees.

In our FOIA of the CTA pension funds held by Wilhelm, we have been provided with information that the initial investment of $5,000,000 now has a value of $2,176,934.21 as of September, 2012. This includes a non-refundable personal piggy bank management fee of $1,899,965.71 to Wilhelm & Hopewell.



Is this how the CTA pension fund trustees watch the store?
Breach of trust? Failure to protect assets? We are not convinced
that nobody noticed the funds shrinking under Hopewell's custodial duty.
No problem, its not their money!
 
At this rate, there will be no money left from the initial investment. Who gained from this transaction? Wilhelm and Hopewell, certainly not the contributors to the fund. Nice work if you can get it!
How about a recall vote from the employees and retirees who are counting on these funds and expect proper management of their assets??

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