Walter Kevin Scott, chief benefits officer of the $11 billion Indiana Public Employees' Retirement Fund, Indianapolis, resigned after admitting he had served time in federal prison in the 1990s on banking fraud and other charges. Mr. Scott allegedly used someone else's Social Security number to pass a background check when he was hired in November.
Gov. Frank O'Bannon ordered a forensic audit to be conducted by Forrest Bowman Jr., an Indianapolis attorney with a reputation for such investigations, to help account for the fund's assets, said Mary Dieter, the governor's press secretary. The state also plans to hire an accounting firm to assist in the audit, she said.
Indiana State Police are investigating Mr. Scott for possible wrongdoing because his job gave him access to participants' Social Security numbers and other personal information, Ms. Dieter said.
Mr. Scott wasn't involved in investing the fund's assets. He reported to E. William Butler, PERF executive director. Mr. Scott's resume said he was working at Procter & Gamble Co. during the time he was actually in prison, Ms. Dieter said.
Mr. Butler and other fund officials couldn't be reached for comment.
