Former CalPERS CIO Yu "Ben" Meng failed to disclose sales of stocks and other holdings, according to an anonymous complaint filed with the California Fair Political Practices Commission obtained by P&I Daily.
The complaint, filed Aug. 4, is currently in the midst of an enforcement division review process to determine whether an investigation is warranted. Under the regulation, a review has 14 days to be investigated with another possible 14-day extension if needed, said commission spokesman Jay Wierenga in an email.
Attached to the complaint are two statement of economic interest forms filed by Mr. Meng with CalPERS, the first when he joined CalPERS as CIO on Jan. 2, 2019, and the second filed April 1, 2020, for calendar year 2019. A spreadsheet appears to show sales of real estate and a number of securities Mr. Meng owned when he joined the $403.8 billion California Public Employees' Retirement System, Sacramento, as CIO on Jan. 2 which were no longer listed on Mr. Meng's second report for calendar year 2019.
The spreadsheet also lists instances in which Mr. Meng used different names for the same security. For example, Mr. Meng stated he owned a $10,001 to $100,000 stake in ARCC Capital Corp. on the first statement when he joined CalPERS but called the company Ares Capital Corp. on the form he filed for the calendar year 2019. ARCC is the ticker for Ares Capital Corp., the business development company of alternative investment firm Ares Capital Management.
The complaint claims some companies were also listed twice on the same report.
