Detroit Policemen & Firemen Retirement System terminated MayfieldGentry Realty Advisors over allegations of misappropriations of funds, according to a news release from the $3.4 billion system.
In the release, the system cited “serious allegations of misappropriation of funds and related issues concerning $3.1 million in two California properties that were allegedly purchased with pension money but never properly titled” to the retirement system.
MayfieldGentry managed $217 million for the system as of June 30, 2010, according to the most recent annual report.
Andrew Neilly, spokesman for MayfieldGentry, declined comment.
Walter Stampor, executive secretary, was not available, and Janet Lenear, spokeswoman, did not return a phone call by press time.
