Pa. pension adviser pays $300k in pay-to-play case
A private equity firm near Philadelphia will pay $300,000 to settle charges it violated a “pay-to-play” rule involving campaign donations.
TL Ventures of Wayne is accused of doing paid work for Philadelphia and state pension funds after an associate made $4,500 in campaign donations.
The Securities and Exchange Commission identifies the politicians only as 2011 candidates for Philadelphia mayor and Pennsylvania governor.
Both the mayor and governor appoint public pension board members. The SEC says they can therefore influence the selection of pension fund advisers.
Lawyers for TL Ventures and an affiliated firm, Penn Mezzanine Partners Management, did not immediately return messages Friday. Both are accused of failing to register as advisers.
The 2010 “pay-to-play” rule bans paid work within two years of a related campaign donation.
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