D.Duck wrote:
snip

But they were screwing working stiff union guys out of their hard earned
money.


Wrong again, schitt-for-brains.

Gotta love union leadership:

http://www.nlpc.org/olap/congress/020501a.htm



WAFA's boys...

2. DOL Alleges ULLICO Imprudently Invested $10 Million

The Department of Labor sued Washington, D.C.-based Trust Fund Advisors,
Inc., and its parent, ULLICO, March 22, 2002, for imprudently
investing more than $10 million in assets of two Laborers' International
Union of North America pension funds in a risky real estate project.
LIUNA hired TFA as a union fund manager for the Local Union and District
Council Pension Fund and National Industrial Pension Fund. TFA hired
ULLICO to handle all real estate investments made on behalf of clients
of TFA. ULLICO-TFA contracted with the pension funds in 1993-94 to
handle their investment in real estate. Admitted criminal and ex-LIUNA
boss Arthur A. Coia was elected to ULLICO's board in 1993 and was on the
board as of Sept. 30, 2000, according to a State of New York’s Insurance
Department document.

The suit alleges that ULLICO-TFA violated ERISA by imprudently
investing more than $10 million of plan assets in a risky real estate
project. In 1995, ULLICO-TFA used plan assets to purchase and develop a
120-acre tract of raw land in North Las Vegas, Nevada, into saleable
building lots. ULLICO-TFA then incorporated LF Las Vegas Realty Corp.,
paid close to $6 million for the property, and spent more than $4
million to develop it. The suit also alleges that ULLICO-TFA failed to
properly investigate the merits of the Sommerset Ridge project (failed
to obtain an appraisal) and, ultimately, abandoned the project in 1997
without selling any lots. The funds suffered losses when the property
was sold in June 1999 to Capital Pacific Holdings for less than the
money invested by the funds.

DOL is seeking a court order that requires ULLICO-TFA to reimburse the
funds for all losses, plus interest, resulting from the breaches; and
permanently bars them from violating ERISA in the future. The suit was
filed in federal court in Washington, D.C.[UCU 5.7]