Both the whistleblower and the startup investment firm she accused of corruption testified last week during the civil trial regarding the alleged scandal inside the retired teachers’ pension fund board.

Franklin County Court of Common Pleas Judge Karen Held Phipps is set to decide whether or not she should remove State Teachers Retirement System (STRS) board chair Rudy Fichtenbaum from his position, and if he and former board member Wade Steen should be banned from ever returning to public pensions.

The scandal centers on Steen and Fichtenbaum and their relationship with startup investment firm QED Technologies, run by former Ohio Deputy Treasurer Seth Metcalf and Jonathan (JD) Tremmel.

This case began with a whistleblower letter sent to government officials in May of 2024. That month, the governor received a 14-page memo alleging a massive public corruption scheme brewing and moving quickly within STRS.

In 2020, Metcalf and Tremmel set their eyes on STRS, according to the document.

The documents claim that they — despite having no clients and no track record — tried to convince STRS members to partner with them and provide them with $65 billion.

Steen and Fichtenbaum had allegedly been bidding continuously, pitching QED’s direct documents to board members and proclaiming the company’s talking points to other staff.

Soon after, Ohio Attorney General Dave Yost filed a lawsuit to remove Steen and Fichtenbaum from the board, stating they were participating in a...

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