Charles E.F. Millard, former director of the PBGC, will not face criminal charges for allegedly making inappropriate contacts with money managers during the agency's manager hiring process, according to a letter from PBGC Inspector General Rebecca Anne Batts.
“This letter is to advise you that my office has concluded its investigation with the United States Attorney's Office for the Southern District of New York, and no charges will be filed,” Ms. Batts wrote in a March 15 letter to Sen. Charles Grassley, R-Iowa, obtained by P&I Daily late Tuesday.
Mr. Grassley was part of a group of lawmakers who asked the Justice Department to look into charges that Mr. Millard acted inappropriately when the Pension Benefit Guaranty Corp. was hiring firms to manage $2.5 billion in real estate and private equity investments in 2008. The charges were originally raised in a report by Ms. Batts in a May 15, 2009, audit report.
Neither Mr. Millard nor his attorney, Stanley M. Brand, a partner with the Brand Law Group, could be reached for comment by press time. Inquiries to the U.S. Attorney's Office were not returned by press time.