The request for documents by top Wall Street whistleblower Ted Siedle is being denied by Rhode Island General Treasurer Seth Magaziner.
Over a month ago, attorneys for Siedle filed an Access to Public Records Act request to Magaziner’s office.
Siedle sought a wide range of documents relating to the state’s “alternative investments” such as private equities. He announced he was seeking the information from Magaziner's office in October -- specifically, looking to see who are Rhode Island's pension fund's partners.
This week, Magaziner’s attorney rejected the request.
“Contrary to the Treasurer Magaziner's position, hedge, private equity and other alternative investment prospectuses which are broadly disseminated to tens of thousands of wealthy investors globally, cannot be considered 'trade secrets' exempt from public records law disclosure and withheld from state pension stakeholders. It's absurd to contend that information broadcast worldwide can be ‘secret,’” Siedle tells GoLocal.
“Federal and state securities laws require investment advisers to provide all investors with prospectuses. Regulators caution all investors to ‘read the prospectus before you invest.’ If ERSRI stakeholders are not allowed to see the very same prospectuses which are routinely handed to wealthy investors, they cannot determine whether these investments are suitable for their pension,” added Siedle.
Magaziner’s attorney wrote in response to the requests from Siedle the following.
“In response to...
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