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Galbraith Campaign Manager Rips KRS Audit

Posted by ShereeKrider

Thursday, 30 June 2011 14:44

Calling the report a “whitewash”, the campaign manager for independent gubernatorial candidate Gatewood Galbraith believes the audit of the Kentucky Retirement Systems leaves more questions unanswered.

On Tuesday, State Auditor Crit Luallen found no evidence of wrongdoing in the retirement agency, but did raise concerns about the use of placement agents, who act as middlemen to secure investments from entities like the KRS. The report found New York placement agent Glen Sergeon had “an unusually close working relationship” with former KRS chief investment officer Adam Tosh, who resigned last summer.

Galbraith campaign manager Ralph Long says the audit didn’t go far enough in probing Tosh’s activities within the agency or his relationship with Sergeon.

From Ralph Long (h/t B&P):

The audit primarily blames former Chief Investment Officer CIO Adam Tosh who left town one month before the placement agent scandal was revealed, and one placement agent, Glen Sergeon but does not recommend any prosecution, just blame these two guys and sweep the whole thing under the rug.

(SNIP)

Why did the staff wait until Tosh was gone to inform the board about placement agents? Are there any plans to prosecute Tosh? Why did the Auditor decide not to look into the land deal? Why does the audit not address HB 480 relating to term limits and placement agents?

Responding to the insinuation that her office was lax in its performance, Luallen defended the auditing team’s report.

“The special audit of KRS was conducted by professional audit staff with years of training and experience,” she says. “We stand by their work.”

Long has not returned our request for comment.

UPDATE:

Continuing his criticism of the audit, Long told WFPL News he wasn’t speaking on behalf of the campaign and believes Luallen’s office are professionals but should have allowed a third party to investigate the retirement agency instead.

“I think it might have been done better by an outside firm with a greater degree of expertise in the investment field. I would like to see the legislature come back and construct a better oversight of the Kentucky Retirement Systems,” he says.

The lack of transparency in quasi-government agencies could become an issue in the governor’s race, Long says.