The Board and Staff for the Chattanooga Fire & Police Pension Fund would like to inform our members of an ongoing investigation with our trustee bank, Wells Fargo.
For the last several months the Board of Directors of the Fire and Police Pension Fund of Chattanooga has been investigating potential fraud and overcharging by Wells Fargo, its trustee, in connection with compensation paid by mutual funds to Wells Fargo. Wells Fargo’s answers have changed over time revealing ever-…greater amounts of undisclosed revenue sharing, systemic errors and incomplete records. The Board has lost confidence that the answers provided by Wells to date are complete. Therefore, the Board believes it is appropriate to file a whistleblower complaint with the SEC and CFTC, providing regulators with original information regarding its investigation. The Board is also concerned that other trust and fiduciary accounts may have been similarly harmed.
The Fund would like to ensure our participants that there will be no interruption in business or benefits while we work through this investigation.