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Pension Funds

Oklahoma Police CIO under investigation for alleged embezzlement

Steven Snyder, executive director and chief investment officer of the Oklahoma Police Pension & Retirement System, Oklahoma City, is under investigation by the state's attorney general for allegedly embezzling operating funds.

Mr. Snyder was allegedly "engaged in excessive travel for personal business and being reimbursed with state funds," said the search warrant used to seize the state-owned Apple iPad Air he was issued. The warrant further alleges that of the 21 travel claims that Mr. Snyder submitted for reimbursement from Feb. 7, 2015, through Sept. 29, 2017, nine of them — totaling $26,265.35 — were "found to have been made surrounding Snyder's personal travel."

In addition, Mr. Snyder allegedly emailed people he was meeting to ask them to bring portfolios or other documents to justify the trip as a business expense, according to the warrant.

Mr. Snyder and retirement system Chairman W.B. Smith could not be immediately reached for comment.

The potential wrongdoing does not pertain to the system's $2.2 billion plan assets, said a news release issued by the Oklahoma attorney general's office.

"To be clear, there is no evidence suggesting law enforcement pensions have been compromised," said Oklahoma Attorney General Mike Hunter in the release. "I want to assure our law enforcement partners throughout the state and their families that my office will have their best interests in mind throughout this investigation."

Ryan Perkins, retirement system vice chairman and Tulsa Police Department major, added in the release that the organization is aware of the allegations and is cooperating with the attorney general's investigation.

"We respect the ongoing investigation by the attorney general's office," Mr. Perkins said in the news release. "Our organization takes these allegations seriously and will work with investigators to bring clarity to our members, who trust us to look out for them."

The search warrant is available on the Oklahoma attorney general's website.