Politics

Sean Harrigan resigns *

Sean Harrigan, president of the Los Angeles Fire and Police Pensions board, resigned today a month after receiving a letter from the Securities and Exchange Commission asking him to identify income he had received from companies doing business with his agency, David Zahniser reports at the L.A. Times. Harrigan says he's done nothing wrong and the issue has simply become a distraction. But Zahniser writes:

Villaraigosa spokesman Matt Szabo said the mayor and Harrigan agreed the resignation was "the best course of action."

The SEC had issued a similar letter to board member Elliott Broidy, another mayoral appointee on the nine-member board that oversees a $10.7-billion portfolio on behalf of retired police officers and firefighters. Both men had been asked to disclose their communications with three firms under scrutiny in the New York investigation.

Broidy was absent from today's meeting.

The resignation comes one week after another Villaraigosa pension board appointee, Kelly Candaele, was asked by the mayor to quit the Los Angeles City Employees' Retirement System board after he participated in a campaign fundraiser for the city attorney bid of City Councilman Jack Weiss -- a violation of city law.

Candaele hosted the event with two key figures at Wetherly Capital, a Los Angeles firm also mentioned in the SEC letters. Wetherly, known as a placement agent, pitches investment opportunities to public pension boards.

Meanwhile, investigators with the City Ethics Commission have not concluded their investigation of Robert Aguallo, the former head of the agency where Candaele had served as a board member. Aguallo took a job with an investment fund shortly after it did business with his pension board.

So yeah, a lot going on. John Schwada at Fox 11 News has been breaking a bunch of stories on the police and fire pension board too.

Few hours later: Elliott Broidy also resigns from the board, per Zahniser in update at same link.


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