SEC sues ex-Detroit mayor for influence peddling

Former Detroit Mayor Kwame Kilpatrick is facing federal civil charges of taking part in an influence-peddling scheme involving the city's public-employee pension funds.

By Marcy Gordon | Updated on May 10, 2012

WASHINGTON (AP) — Former Detroit Mayor Kwame Kilpatrick is facing federal civil charges of taking part in an influence-peddling scheme involving the city’s public-employee pension funds.

The Securities and Exchange Commission says Kilpatrick and ex-city treasurer Jeffrey Beasley received $125,000 in private jet travel and other perks from an investment firm. The SEC says that was in exchange for getting the city’s pension fund to make an investment favoring the firm.

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