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Investigators shed light on Detroit pension schemes, losses

DETROIT (WKZO) -- Records filed in federal court in Detroit show 84-million dollars was taken from a city pension fund and was part of an alleged three-year corruption spree beginning in 2006.

A deal spearheaded by former Detroit Mayor Kwame Kilpatrick led to a complicated deal where the city borrowed 1.4-billion dollars from two banks to prop up the city's two pension funds which were underfunded according to city officials.  Federal officials say once the money started coming into the pension funds, several suspicious deals were put together by city officials and business partners.

Former City Treasurer Jeff Beasley, former Police and Fire Pension Trustee Paul Stewart, businessman Roy Dixon and former General Retirement System attorney Ronald Zajac have all been named in a 50-page federal indictment.

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