Atlanta Man With Ties To Detroit Indicted For Embezzling Pension Funds
Visit CBS Detroit's
ATLANTA (WWJ) – An Atlanta man was charged in a federal indictment, unsealed Friday, with defrauding
and embezzling more than $3 million from two City of Detroit pension funds — and a City of Pontiac pension fund.
Roy Dixon is accused of conspiring with former City of Detroit Treasurer Jeffrey Beasley to give Beasley, and others, bribes to obtain approval of investment money from those pension funds.
U.S. Attorney McQuade said, “The municipal employees and retirees in Detroit and Pontiac are entitled to pension trustees and investment sponsors who make investment decisions without being influenced by bribes, kickbacks or embezzlement.”
If convicted, Dixon faces up to 20 years in prison and a fine of up to $250,000. The indictment seeks $3 million in forfeiture.
Investigators say the three funds suffered total losses of nearly $24 million.