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SEC Charges Kilpatrick With Influence Peddling

The Securities and Exchange Commission is charging former Detroit Mayor Kwame Kilpatrick and others with influence peddling. The SEC alleges former Detroit officials directed where pension funds should be invested in exchange for lavish gifts. The SEC accuses Kilpatrick and former city treasurer Jeffrey Beasley of receiving roughly 125-thousand dollars’ worth of perks – including private jets…luxury hotel rooms and messages – from the company Mayfield Gentry Realty Advisors. The company wanted the city to invest more than 100 million dollars of pension monies in a real estate investment fund it controlled. The SEC also alleges the Kilpatrick Administrtion pressured the company’s CEO for gifts after the official supported a rival mayoral candidate and was told he was “in the dog house” and needed to clear the air. The former Detroit mayor already faces a federal trial on racketeering, extortion, bribery and other charges.