Computers, Papers Seized in Pension Probe
The FBI has seized computers and documents from the workplace of San Diego’s former pension system president as part of a two-year investigation into the city’s finances.
Agents arrived unannounced at the San Diego State University Foundation office where Frederick Pierce IV, 43, works as a developer. No further details about the search earlier this month were released.
The pension system came under federal scrutiny after the city cut contributions and -- at the same time -- increased retirement benefits. The moves helped create a deficit of at least $1.4 billion. In all, eight people face criminal charges in connection with the pension probe.
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