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Chicago pension probe: City inspector targets ties to Mayor Richard Daley - Chicago Tribune - 3/20/2009

Millions were invested with DV Urban Realty Partners, a firm formed by a top Daley ally Allison Davis and Daley nephew Robert Vanecko

City Hall's inspector general has begun investigating how at least three city pension funds came to make investments with a firm co-owned by a nephew of Mayor Richard Daley, the Tribune has learned.

The office of Inspector General David Hoffman has subpoenaed records from the pension funds dealing with their investments of tens of millions of dollars in DV Urban Realty Partners, a real estate investment firm formed by a top Daley ally, Allison Davis, and Daley nephew Robert Vanecko.

The inspector general requested records on those investments from the funds for municipal employees, police and laborers, according to a source. The pension funds have paid the investment group hundreds of thousands of dollars in management or consulting fees.

Hoffman's investigators are seeking details on the property DV Urban Realty acquired using the pension funds' money, according to a subpoena obtained by the Tribune.

Read the story in the Chicago Tribune...