Steven Herbert, former chief investment officer of the Kentucky Public Pension Authority, Frankfort, has filed a whistleblower lawsuit against his former employer, alleging the authority has misappropriated funds and violated public policy by terminating him.
The lawsuit, filed on Dec. 16 in Franklin Circuit Court in Frankfort, alleges the authority wired funds out of its accounts to external accounts without proper accountability, according to the court filing.
The Kentucky Public Pensions Authority oversees about $22 billion in pension fund and insurance plan assets of the Kentucky County Employees' Retirement System, and the Kentucky Retirement Systems, which consists of the Kentucky Employees' Retirement System and Kentucky State Police Retirement System
The filing says Mr. Herbert immediately saw problems with the administration of the pension funds' assets after joining KPPA in January 2021, specifically regarding the holdings of Perimeter Park West, a real estate company responsible for the management of buildings housing KPPA's offices. According to the filing, Mr. Herbert found that Perimeter Park West's financial statements were not supported by appropriate documentation and was told by staff that money was embezzled by commercial real estate company Crumbaugh Properties. That firm had full access to write checks from PPW's bank account and there wasn't proper oversight by KPPA staff, according to the complaint, which alleges that KPPA staff attempted to thwart...
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