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Board Agenda 05.08.17
CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS BOARD MEETING AGENDA FOR May 11, 2017 - 6:30 P.M. Call to Order both boards 1. Courtesy of the Floor to Visitors 2. Approval of the Minutes for February 9, 2017, General Employee’s board meeting – (1) 3. Approval of the Minutes for February 9, 2017, Police Pension board meeting – (2) 4. Fund Balance Report, General Employee Plan – non actionable, for discussion and information only. (3) 5. Fund Balance Report, Police Plan – non actionable, for discussion and information only. (4) 6. To be discussed by Sidney Taylor and Chris Bridges, Morgan Stanley: a. Recap Investment Performance for the Police Officers’ for the period ended 4/30/17 and subsequent activity since. b. Recap Investment Performance for the General Employees’ for the period ended 4/30/17 and subsequent activity since. 7. Pension Board Attorney to discuss matters of interest to the General Employees’ & Police Officers’ Pension Board – Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. 8. Presentation of the annual actuary reports by Gabriel, Roeder, Smith & Company 9. Financial Expenditures through May 8, 2017 – Police Officers’ Pension Fund – (5) 10. Financial Expenditures through May 8, 2017 – General Employees’ Pension Fund – (6) 11. Change in status – General Employee’s Plan – Laurie Scott 12. Change in status – General Employee’s Plan – Shelton Flowers Sr. CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS BOARD MEETING AGENDA FOR May 11, 2017 - 6:30 P.M. 13. Discussion : Board Terms: Police Pension Board of Trustees Name Term Expiration Employee Elected Vic Gualillo 2/28/2018 Employee Elected David Cameron 8/1/2017 Civilian Appointed by Commission Bill Tomson 12/31/2017 Civilian Appointed by Commission John Wolfel 10/11/2017 Resident Selected by Board, Confirmed by Commission Bob Liggero 6/10/2017 General Employee Pension Board of Trustees Name Term Expiration Employee Elected Mike Jones 2/16/2018 Employee Elected Timmy Johnson 9/24/2018 Civilian Appointed by Commission Ray Brandstaetter 6/9/2018 Civilian Appointed by Commission Alan Gleit 10/11/2019 Resident Selected by Board, Confirmed by Commission Jim Griffiths 11/23/2019 14. Any New Business 15. Adjournment – Police 16. Adjournment – General CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES February 9, 2017 1 1. The City of Atlantic Beach General Employees’ Pension Board meeting was called to order at 6:32 P.M. Those in attendance were: Members Non - Members Ray Brandstaetter Russell Caffey - Plan Administrator Alan Gleit Chris Bridges - Graystone Consulting Jim Griffiths Sidney Taylor - Graystone Consulting Timmy Johnson Scott Christiansen - Plan Attorney 2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding / a 911 call he made while in transit to the pension meeting / commentary on the “Trump Effect” / a personal project that he is involved in, involving Twitter Video. 3. Approval of the minutes from the General Employee Pension Plans for November 10, 2016. Motion to approve was made by Ray Brandstaetter and seconded by Timmy Johnson. The vote was approved unanimously. 4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of both plans. Discussion related to current allocation and rate of return. The ending portfolio value is $16,761,091. Return Summary Quarter to Date 12/31/2016 - 2/7/2017 1.8% 12 Months 10/1/2016 - 2/7/2017 2.61% Performance Since Inception 3/10/2010 - 2/7/2017 6.01% 5. Motion to direct Scott Christiansen to authorize Peter Mougey of Levin Papantonio (Attachment A) to review Morgan Stanley Smith Barney’s participation, specifically Michael O’Shields with the City of Atlantic Beach, Police Pension fund at no expense to the fund. Motion to authorize the recommendation was made by Alan Gleit and seconded by Timmy Johnson. The vote was approved 3 to 1 (Griffiths was dissenting vote). Note from staff: It was mentioned by most board members that this action will most likely yield no actionable information. This action is being carried out as a due diligence exercise as part of their fiduciary duty to the pension board and city that they represent. 6. Adjournment 8:16 pm – Ray Brandstaetter made a motion to adjourn the meeting, it was seconded by Timmy Johnson. __________________________ ____________________________ Ray Brandstaetter Mike Jones Chair Vice Chair . Securities and Investment Fraud Lawyer Page I of3 LEVIN PAPANTONIO Thoma• I Mit<h<ll I Roffuty I Pro<tor I P.A. Click for Free Case Evaluation 800.277·1193 Home About Us Practice Areas Drug I nju ri es Medical Devices Defective Products Videos Contact Home " Securities & Investment Fr au d Lawyers I Securities & Investment Fraud Lawyers When you trust a sec urities and investment firm to maintain (and hopefully grow) your savings, you expect to receive truthful, professional, and accu rate information and advice ta il o red to your particu lar circu m stances. Sometimes unscrupulous stockbrokers and investment advisors take advantage of your trust and you can find yourse lf faci ng t he loss of your life savings becau se of the disho nesty of others. Whether your loss is due to u nsu itable investmen t adv ice, conflicts of interest, or inve stment fraud, all you know is your retirement income is gon e. At Levin , Papantonio, o ur sec urities and investment fraud lawyers are dedicated to helping victims of stock broker fraud, broker misco nduct, and unsuitable recommendation s · recover their losses . Investm ent fraud and broker m isconduct can take m any forms . Our experi enced securities fraud attorneys, CPAs and MBAs can analyze your portfolio for free to d eterm ine if misconduct caused you to suffer losses. Many investment and brokerage firms and their financial advisors fail to act in accord w it h yo ur interests. Their misco nduct often includes the following: I General Securities and Investment Fraud Litigation For detailed information regarding various forms of secu rit ies and investment fraud, click on the below lin ks. Bond Fraud And Mi sco nduct Brea ch Of Fidu cia ry Duty https://www.levin law.com/securities-investment-fraud-lawver I I r FREE CASE EVALUATION Fi rst Name: Last Name: Email : Phone Number: Briefly describe your legal issue : Please type the number you see: 4400 ..... Submit for Free Eva luation TESTIMONIA LS 1 11 R/?0 17 . Securities and Investment Fraud Lawyer Churning And Ex cessive Tradi ng Fai lur e To Supervise Investment Fra u d A nd Misconduct Mar gi n Trading M i sr epr esentation And Omissions Overconcent ratio n Of Assets Pr eferred Secu rity Iss ues REIT Issues Se lling Away Un autho rized Trading Variabl e An nuity Issues I Specific Securities and Investment Fraud Litigation Merri ll Lynch Str ategic Retu rn Notes Lawsuit Fraud: Merrill Lynch sold Stra t egic Return Notes ("SRNs") to retail customers through Bank of America during the period 2010-2011. These investments ha ve lost 90% of their value, and Merr ill Ly nch is the subject of numerous lawsuits, and a Securities Exchange Commiss ion investigation. Sa ntander Puerto Ri co Bo nd Fund Invest igation: Santander recommended and aggressi vely promoted Puerto Rican municipal bonds and closed-end funds containing t he same investments. As a result, an overwhelming number of Puerto Rican investors held large, geographically concent ra t ed inv estments. San t ander touted the tax advantages, while failing to disclose the significantly higher, unnecessary risks. UBS Pue rto Ri co Bond Fund In vest igation: UBS, through its affiliate UBS Financia l Services Incorporated of Puerto Rico , recommended that many of its client s t ake concentrated positions in closed-end Puerto Rican municipal bond funds. Be cause of UBS's unsuitable recommendations, many investors lost their retirement savin gs and their homes. AXA Advisors Broker, Chad D. Hornaday: Chad D. Hornaday (CRD# 2776038) is an Investment Advisor Representative who until recently was employeed by A:XA. Advisors, LLC in Carlsbad, California. A:XA. Advisors disclosed to FINRA BrokerCheck https://www.levinlaw.com/securities-investment-fraud-lawver Page 2 of 3 CHARMAINE R. (READ ALL) "I am so app reciative of the hard work and dedication t hat you put forth on my case . I cannot t hank you enough for making my mom and I feel so comfortabl e throughout t his whole process. You are one amazing lawyer. I wish you the best and I wa nted to let you know that I will never forget you!" The Florida Bar disclaime rs regardi ng posting testim onials, click here. We are Available AWARDS . Best Law Firms: U.S. News & World Report Best Lawyers in America National Trial Lawyers Hall of Fame Public j ustice Tr ial Team of the Year Marti ndale-Hubbell Preem inent Woman Attorney Na ti ona l Law jou rna l Top Ten Li tigator SuperLawyers For a list of our awa rds, chck here. 1 /1 0 /"lf\1 '7 . Securities and Investment Fraud Lawyer that Mr. Hornaday was permitted to resign after the firm began conducting an interanl review based upon allegations that Mr. Hornaday received loans from a client and made an investment away from the firm. ·1 Why Choose Us Le vin Papantonio, which has l:feen in existence for 60 years, is recognized as one of the preeminent law firms in the United States . Based on law firm verdicts and settlements exceeding $3 billion, our securities fraud lawyers are committed to seeking justice for the victims of investment fraud and misconduct. Led by attorney Peter Mouge y, the past President of the na tional sec urities bar, PIASA, our Secu riti es and Business Tort Department has represented more than 1,500 investment fraud victims across the country in state and federal court and securit ies industry arbitration . To contact us for a free confidential consult, you can ca ll us at (8 00) 277-1193 (toll free). You also can request a free private and confidential eva luation by cli cking Free & Co nfidentia l Consul t, and your inquiry will be immediately reviewed by one of our attorneys who handles your specific type case. MAIN OFFICE Levin Papan t onio 316 South Baylen Street Pen saco la, FL 32 50 2 CONTACT INFORMATION Toll Free : (8 00) 277-11 93 Pen saco la: (8 50) 435-7000 Cli c k for Free Evaluation (~ _____ c_n_c_k_t_o_c_h_a_t ____ ~) SOCIAL MEDIA http s://www .l evin l aw.com/securities-investmP.nt -fr~~ul-1~""'"r Page 3 of3 $1 Billion in Defec tive Product Case $480 Million i n Defect ive Pro duct Case $380 Million in Enviro nmental Po lluti o n Ca se $42 Million in Defective Drug Case $42 M illion in Fraud Case $31 Million in Medical M alpract ice Case $25 M illio n in De f ective Drug Ca se For a li st of our verdicts. click here. Search Our Site < > Co pyr ight © 1996-2017 Levin Papantonio Thomas Mitche ll Ra ffety Proctor, P.A. 1 /1 0 /1"'\f\ 1..., Peter Mougey I Securities & Investment Fraud Attorney I Levin Papantonio Page 1 of 4 LEVIN PAPANTONIO Thomu I Mitchell I Rafferty I Proctor I P.A . Click for Free Case Evaluation 800o277ol193 Home About Us Practice Areas Drug Injuries Medical Devices Defec tive Products Videos Contact Ho me •• Pe t er Mougey I Attorney Profile Peter Mougey Shareholder Levin Papantonio (850} 435-7000 (888} 435-7001 pmougey@levin law.com Peter Mougey Peter j. Mougey is recognized as one of Florida's top 1 00 trial lawyers, a Florida Super Lawyer in securit ies litigation, Florida Trends Legal Elite, and the former Presiden t of the national securities bar association Public Investors Arbitration Bar Association (PIASA). In addition, Mr. Mougey has been rated AV Pree minent by hi s peers through Martindale-Hubbell. He is a shareholder with levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor and is h ea d of the Se cu r ities & Business litigation Department. Mr. Mougey frequently lectures at securities and continuing legal education programs on issues confronting the securities industry including the Dodd-Frank Wall Street Reform Act. Broker-Dealer Regulation, Structured Fin ance, Di scovery in Securities Arbitration, and Quantitative Modeling to Demonstrate th_e Viability of Asset Allocation Models. He was a member of FINRA's Arbitrator Training Task Force . and presented investors' perspe ct ives under the Dodd-Frank Wall Street Reform Act to the SEC. In addition, he is qualified as a public arbitrator with FINRA. Mr. Mougey is a member of the Board of Directors, the Executive Committee, and currently co-c hairs the Arbitration Co mmittee of PIASA, an international organization of attorneys dedi cated to the adva nce ment of investors' rights in t he securities industry, and ha s served as chairman of PIASA's NASAA Committee and Improving Arbitration Task Force. Mr. Mougey is frequently quoted on se curities matters in n ational press outlets, including The Wall Street journal, Forbes, The Lo s Angeles Times, Barrons, Kiplinger, Business Week, and Investment News. Year joined Law Firm 0 2008 Present Position with law Firm o Share hold er https://www.levinlaw.com/attorney-profiles/oeter-mou2:ev I FREE CASE EVALUATION First Name: Last Name: Em ai l : Phone Number: Briefly describe your legal issue: "' . " Please type the number you see: 3582 - Submit for Free Evaluation TESTIMONIALS 1 I 1 Q I'> A 1 7 Peter Mougey I Secu ri t ies & Investment Frau d Attorney I Levin Papan ton io Areas of Pra ctice • Securities • Class Action • QuiTam • Business Torts · Ba r Adm i ss i ons ·Alabama • Florida Certificati ons/Sp eci al t ies Financial Industry Regulatory Authority (FINRA) Certified Reg ulatory and Compliance Profess ional (CRCP), 2002 Education • Cumberland School of Law, Samford University; Birmingham, Alabama; 1999 J.D. • University of Portland, 1995 M .B.A. • Creighton University, 1991 , B.A. Finance Cla ss es/S eminars Taught • Public Inve stors Arbitration Bar Associa tion Meeting Sess ion, "Di sc overy and Motion Practice," October 2003 • Public Investors Arbitration Bar Association Meeting Sessio n, "Hot Topics in Margin Cases," October 2004 • Public Inve stors Arbitration Bar Association Meeting Session, "Standard Deviation, Value at Risk, and Mont e Carlo; Simulations in Arbitrations," September 2005 • Public Investors Arbitration Bar Association Meeting Session, "Coun tering Defense Strategies: Overcoming Red-Herri ng Def enses ," October 2007 • Mass Torts Made Perfect. "Bond Insurance: The Municipality Rip Off," March 2009 • Inj ury Board Trial Bar Conferen ce CLE, "The Subprime Meltdown: Greed at the Ex pense of Mainstreet," June 2009. • Pu b lic Investors Arbitration Bar Association Webinar, "Case Oversight." August 2009 • Mass Torts Made Perfect, "Bond Insurance Update," October 2009 • Public Investors Arb itration Bar Associatio n Meeting Session , "Financial Preferreds-Freddie, Fan nie, and Others," October 2009 • Public Investors Arbitration Bar Association Meeting Session," NASAA Roundtable," October 201 0 • Mass Torts Made Perfect, "Yo u r Loca l Municipalities Fleeced from Iss uance of Auction Rate Securities," April 2011 • Gulf Coast Financia l Pla n ning As so ciation, May 2011 • NYC Ba r CLE, "Prospectus Defense," June 20 11 • Practi ci ng Law Institute's Securities Arbitration 2011 Program, "Assessing the Case : Arbitrate, Mediate, or Negotiate?" August 2011 • Practicing Law Institute's Securities Arbitration 2011 Program, "The Future of FINRA Dispute Re so lution: Co ntra ct ion or Growth?" August 20 11 • Mass Torts Made Perfect, "ERISA Litigation," October 2011 • Public Investors Arbitration ·Bar Association Webinar, "The iPad for Lawyers," Ju ly 20 12 • Mass Torts Made Perfect. "A Decade of Securities Mass Torts: What We Have Learned," October 2012 https://www.levi n law.com /attomev-n rofi lP.<:/n P.tPr -mn••oP" Page 2 of4 CHARMA INE R. (READ ALL) "I am so appreciat ive of the hard work and dedication that you put f o rth on my case . I cannot thank you enough f or mak ing my mom and I feel so comfort abl e thro ughout this whole process . You are on e amazing lawyer . I wish you the best and I wanted to l et you know that I will never forget you!" Th e Florida Bar d iSclaimers r egarding posting tes timonials, click here. f ~~II&J) t We are Ava ila ble 1 /1 0 /.,(\1 "7 . Peter Mougey I Securities & Investment Fraud Atto rney I Levin Papantonio • St. Anne Church, Adu lt Fair Formation, Co-Chair, 2003-2007 • St An n e Churc h, Board of Directors, 2007-present Representative Cases Mr. Mougey concentrates his practice in the areas of financial services and securit ies litigation, wh istle blower or qui ta m li tigation, as well as complex business lit igation. Over the last five years, Mr. Mougey has represented approximately 50 state, munic ipal, and instit u tiona l investors in financia l services litigation and arbitration. In ad d ition, he has represented more t han o n e thousa nd se cu rities f r aud victims in state and federal co urt and securities arbit rati ons across the co untry. Prior Employment • Beggs & Lane; Pensacola, Florida MAI N OFFICE Lev in Papanto nio 316 So uth Baylen Street Pensacol a, FL 32502 CONTACT INFOR MATION To ll Free: (800 ) 277-1193 Pensacola: (850) 435-7000 Click f or Free Eva luation ( _____ c_l_ic_k_t_o_c_h_a_t __ ~) SOCIAL M ED IA http s://www.levinlaw.com/attomey-profiles/peter-mo ugey Page 4 of4 Copyright © 1996-2017 Levin Papantonio Thomas M itchell Raffety Proctor, P.A. 1/1 R/2 01 7 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES February 9, 2017 1 1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at 6:32 P.M. Those in attendance were: Members Non - Members Vic Gualillo Russell Caffey - Plan Administrator Dave Cameron Chris Bridges - Graystone Consulting Bob Liggero Sidney Taylor - Graystone Consulting John Wolfel Scott Christiansen - Plan Attorney Bill Tomson 2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding / a 911 call he made while in transit to the pension meeting / commentary on the “Trump Effect” / a personal project that he is involved in, involving Twitter Video. 3. Approval of the minutes from the Police Pension Plans for November 10, 2016. Motion to approve was made by Vic Gualillo and seconded by Bob Liggero. The vote was approved unanimously. 4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of both plans. Discussion related to current allocation and rate of return. The ending portfolio value is $8,921,565. Return Summary Quarter to Date 12/31/2016 - 2/7/2017 1.9% 12 Months 10/1/2016 - 2/7/2017 2.2% Performance Since Inception 3/10/2010 - 2/7/2017 5.9% 5. Motion to accept Morgan Stanley’s recommendation and rebalance the weighting of investments (Attachment A): Motion to accept the recommendation was made by John Wolfel and seconded by Bob Liggero. The vote was approved 4 to 1 (Tomson was dissenting vote). 6. Motion to direct Scott Christiansen to authorize Peter Mougey of Levin Papantonio (Attachment B) to review Morgan Stanley Smith Barney’s participation, specifically Michael O’Shields with the City of Atlantic Beach, Police Pension fund at no expense to the fund. Motion to authorize the recommendation was made by Dave Cameron and seconded by Bill Tomson. The vote was approved 4 to 1 (Wolfel was dissenting vote). Note from staff: It was mentioned by most board members that this action will most likely yield no actionable information. This action is being carried out as a due diligence exercise as part of their fiduciary duty to the pension board and city that they represent. 7. Motion to approve change in status of plan member, David Catir. Motion to approve was made by Dave Cameron and seconded by Bob Liggero. The vote was approved unanimously. CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES February 9, 2017 2 8. Adjournment 8:16 pm– Bob Liggero made a motion to adjourn the meeting, it was seconded by Bill Tomson. __________________________ ____________________________ Vic Gualillo David Cameron Chair Vice Chair \. Section IV: Police Officers' Update Large Cap Equity 23.1% 33.0% 42.9'10 34.5% Large Cap Equity $ 3,211 ,914 36.0% 5.7 % Colurrbia Select Large Cap Growth $ 503 ,830 5 .7 % 5.9 % Pioneer Fundarrental Growth $ 525 ,316 5.9% 13.9 % JP Morgan Equity lncorre $ 1,239 ,586 13.9% 9.0% Vanguard S&P 500 Index (VOO) $ 943,182 10.6% Mid /Small Cap Equity 5.0% 10.0% 15.0% 11.6% Mid /Small Cap Equity $ 1,036,471 11.6% 6.1 % Boston Partners SMID Value $ 545,443 6 .1% 5 .5% Riverbridge SMID Cap Growth $ 491 ,028 5 .5% International Equity 10.0% 15.0% 20.0% 16.2% International Equity $ 1,305,233 14.6% 8 .7% Vanguard Totallnt'l Stock Mkt (VXUS) $ 637,352 7.2 % 7 .5% Lazard International Strategic Eq . lnstl. $ 667,881 7.5% Real Assets 1.0% 6.0% 11 .0% 6.5% Real Assets $ 574,807 6.5% 6.5% Tortoise MLP & Pipeline $ 574,807 6.5% Fixed Income 21 .0% 30.0% 39.0% 26.2% Fixed Income $ 2,331,152 26.2% 21 .7 % Sage lnterrrediate $ 1,931 ,164 21 .7 % 4 .5% Aston/Doubleline Core Plus $ 399,988 4 .5 % Cash &MM 1.0% 6.0% 11.0% 5.1% Cash & MM $ 451 ,361 5.1% 5.1 % Cash CGA and Cash AAA $ 451 ,361 5 .1% 100% T o tal $ 8 ,910 ,937 100.0% T he data contained herein has been obtained from sources we bel ieve to be re liabl e, but can not be warranted by Morgan Stanley S mith Bamey LLC as to accuracy or completeness. We do not undertake to ad vise of chang es in our fig ures or vi ews . Th i s is not a soli citation to buy or sel l. Pas t pe rformance is no guar antee of future results . 49 . Securities and Investment Fraud Lawyer Page I of3 LEVIN PAPANTONIO Thoma• I Mit<h<ll I Roffuty I Pro<tor I P.A. Click for Free Case Evaluation 800.277·1193 Home About Us Practice Areas Drug I nju ri es Medical Devices Defective Products Videos Contact Home " Securities & Investment Fr au d Lawyers I Securities & Investment Fraud Lawyers When you trust a sec urities and investment firm to maintain (and hopefully grow) your savings, you expect to receive truthful, professional, and accu rate information and advice ta il o red to your particu lar circu m stances. Sometimes unscrupulous stockbrokers and investment advisors take advantage of your trust and you can find yourse lf faci ng t he loss of your life savings becau se of the disho nesty of others. Whether your loss is due to u nsu itable investmen t adv ice, conflicts of interest, or inve stment fraud, all you know is your retirement income is gon e. At Levin , Papantonio, o ur sec urities and investment fraud lawyers are dedicated to helping victims of stock broker fraud, broker misco nduct, and unsuitable recommendation s · recover their losses . Investm ent fraud and broker m isconduct can take m any forms . Our experi enced securities fraud attorneys, CPAs and MBAs can analyze your portfolio for free to d eterm ine if misconduct caused you to suffer losses. Many investment and brokerage firms and their financial advisors fail to act in accord w it h yo ur interests. Their misco nduct often includes the following: I General Securities and Investment Fraud Litigation For detailed information regarding various forms of secu rit ies and investment fraud, click on the below lin ks. Bond Fraud And Mi sco nduct Brea ch Of Fidu cia ry Duty https://www.levin law.com/securities-investment-fraud-lawver I I r FREE CASE EVALUATION Fi rst Name: Last Name: Email : Phone Number: Briefly describe your legal issue : Please type the number you see: 4400 ..... Submit for Free Eva luation TESTIMONIA LS 1 11 R/?0 17 . Securities and Investment Fraud Lawyer Churning And Ex cessive Tradi ng Fai lur e To Supervise Investment Fra u d A nd Misconduct Mar gi n Trading M i sr epr esentation And Omissions Overconcent ratio n Of Assets Pr eferred Secu rity Iss ues REIT Issues Se lling Away Un autho rized Trading Variabl e An nuity Issues I Specific Securities and Investment Fraud Litigation Merri ll Lynch Str ategic Retu rn Notes Lawsuit Fraud: Merrill Lynch sold Stra t egic Return Notes ("SRNs") to retail customers through Bank of America during the period 2010-2011. These investments ha ve lost 90% of their value, and Merr ill Ly nch is the subject of numerous lawsuits, and a Securities Exchange Commiss ion investigation. Sa ntander Puerto Ri co Bo nd Fund Invest igation: Santander recommended and aggressi vely promoted Puerto Rican municipal bonds and closed-end funds containing t he same investments. As a result, an overwhelming number of Puerto Rican investors held large, geographically concent ra t ed inv estments. San t ander touted the tax advantages, while failing to disclose the significantly higher, unnecessary risks. UBS Pue rto Ri co Bond Fund In vest igation: UBS, through its affiliate UBS Financia l Services Incorporated of Puerto Rico , recommended that many of its client s t ake concentrated positions in closed-end Puerto Rican municipal bond funds. Be cause of UBS's unsuitable recommendations, many investors lost their retirement savin gs and their homes. AXA Advisors Broker, Chad D. Hornaday: Chad D. Hornaday (CRD# 2776038) is an Investment Advisor Representative who until recently was employeed by A:XA. Advisors, LLC in Carlsbad, California. A:XA. Advisors disclosed to FINRA BrokerCheck https://www.levinlaw.com/securities-investment-fraud-lawver Page 2 of 3 CHARMAINE R. (READ ALL) "I am so app reciative of the hard work and dedication t hat you put forth on my case . I cannot t hank you enough for making my mom and I feel so comfortabl e throughout t his whole process. You are one amazing lawyer. I wish you the best and I wa nted to let you know that I will never forget you!" The Florida Bar disclaime rs regardi ng posting testim onials, click here. We are Available AWARDS . Best Law Firms: U.S. News & World Report Best Lawyers in America National Trial Lawyers Hall of Fame Public j ustice Tr ial Team of the Year Marti ndale-Hubbell Preem inent Woman Attorney Na ti ona l Law jou rna l Top Ten Li tigator SuperLawyers For a list of our awa rds, chck here. 1 /1 0 /"lf\1 '7 . Securities and Investment Fraud Lawyer that Mr. Hornaday was permitted to resign after the firm began conducting an interanl review based upon allegations that Mr. Hornaday received loans from a client and made an investment away from the firm. ·1 Why Choose Us Le vin Papantonio, which has l:feen in existence for 60 years, is recognized as one of the preeminent law firms in the United States . Based on law firm verdicts and settlements exceeding $3 billion, our securities fraud lawyers are committed to seeking justice for the victims of investment fraud and misconduct. Led by attorney Peter Mouge y, the past President of the na tional sec urities bar, PIASA, our Secu riti es and Business Tort Department has represented more than 1,500 investment fraud victims across the country in state and federal court and securit ies industry arbitration . To contact us for a free confidential consult, you can ca ll us at (8 00) 277-1193 (toll free). You also can request a free private and confidential eva luation by cli cking Free & Co nfidentia l Consul t, and your inquiry will be immediately reviewed by one of our attorneys who handles your specific type case. MAIN OFFICE Levin Papan t onio 316 South Baylen Street Pen saco la, FL 32 50 2 CONTACT INFORMATION Toll Free : (8 00) 277-11 93 Pen saco la: (8 50) 435-7000 Cli c k for Free Evaluation (~ _____ c_n_c_k_t_o_c_h_a_t ____ ~) SOCIAL MEDIA http s://www .l evin l aw.com/securities-investmP.nt -fr~~ul-1~""'"r Page 3 of3 $1 Billion in Defec tive Product Case $480 Million i n Defect ive Pro duct Case $380 Million in Enviro nmental Po lluti o n Ca se $42 Million in Defective Drug Case $42 M illion in Fraud Case $31 Million in Medical M alpract ice Case $25 M illio n in De f ective Drug Ca se For a li st of our verdicts. click here. Search Our Site < > Co pyr ight © 1996-2017 Levin Papantonio Thomas Mitche ll Ra ffety Proctor, P.A. 1 /1 0 /1"'\f\ 1..., Peter Mougey I Securities & Investment Fraud Attorney I Levin Papantonio Page 1 of 4 LEVIN PAPANTONIO Thomu I Mitchell I Rafferty I Proctor I P.A . Click for Free Case Evaluation 800o277ol193 Home About Us Practice Areas Drug Injuries Medical Devices Defec tive Products Videos Contact Ho me •• Pe t er Mougey I Attorney Profile Peter Mougey Shareholder Levin Papantonio (850} 435-7000 (888} 435-7001 pmougey@levin law.com Peter Mougey Peter j. Mougey is recognized as one of Florida's top 1 00 trial lawyers, a Florida Super Lawyer in securit ies litigation, Florida Trends Legal Elite, and the former Presiden t of the national securities bar association Public Investors Arbitration Bar Association (PIASA). In addition, Mr. Mougey has been rated AV Pree minent by hi s peers through Martindale-Hubbell. He is a shareholder with levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor and is h ea d of the Se cu r ities & Business litigation Department. Mr. Mougey frequently lectures at securities and continuing legal education programs on issues confronting the securities industry including the Dodd-Frank Wall Street Reform Act. Broker-Dealer Regulation, Structured Fin ance, Di scovery in Securities Arbitration, and Quantitative Modeling to Demonstrate th_e Viability of Asset Allocation Models. He was a member of FINRA's Arbitrator Training Task Force . and presented investors' perspe ct ives under the Dodd-Frank Wall Street Reform Act to the SEC. In addition, he is qualified as a public arbitrator with FINRA. Mr. Mougey is a member of the Board of Directors, the Executive Committee, and currently co-c hairs the Arbitration Co mmittee of PIASA, an international organization of attorneys dedi cated to the adva nce ment of investors' rights in t he securities industry, and ha s served as chairman of PIASA's NASAA Committee and Improving Arbitration Task Force. Mr. Mougey is frequently quoted on se curities matters in n ational press outlets, including The Wall Street journal, Forbes, The Lo s Angeles Times, Barrons, Kiplinger, Business Week, and Investment News. Year joined Law Firm 0 2008 Present Position with law Firm o Share hold er https://www.levinlaw.com/attorney-profiles/oeter-mou2:ev I FREE CASE EVALUATION First Name: Last Name: Em ai l : Phone Number: Briefly describe your legal issue: "' . " Please type the number you see: 3582 - Submit for Free Evaluation TESTIMONIALS 1 I 1 Q I'> A 1 7 Peter Mougey I Secu ri t ies & Investment Frau d Attorney I Levin Papan ton io Areas of Pra ctice • Securities • Class Action • QuiTam • Business Torts · Ba r Adm i ss i ons ·Alabama • Florida Certificati ons/Sp eci al t ies Financial Industry Regulatory Authority (FINRA) Certified Reg ulatory and Compliance Profess ional (CRCP), 2002 Education • Cumberland School of Law, Samford University; Birmingham, Alabama; 1999 J.D. • University of Portland, 1995 M .B.A. • Creighton University, 1991 , B.A. Finance Cla ss es/S eminars Taught • Public Inve stors Arbitration Bar Associa tion Meeting Sess ion, "Di sc overy and Motion Practice," October 2003 • Public Investors Arbitration Bar Association Meeting Sessio n, "Hot Topics in Margin Cases," October 2004 • Public Inve stors Arbitration Bar Association Meeting Session, "Standard Deviation, Value at Risk, and Mont e Carlo; Simulations in Arbitrations," September 2005 • Public Investors Arbitration Bar Association Meeting Session, "Coun tering Defense Strategies: Overcoming Red-Herri ng Def enses ," October 2007 • Mass Torts Made Perfect. "Bond Insurance: The Municipality Rip Off," March 2009 • Inj ury Board Trial Bar Conferen ce CLE, "The Subprime Meltdown: Greed at the Ex pense of Mainstreet," June 2009. • Pu b lic Investors Arbitration Bar Association Webinar, "Case Oversight." August 2009 • Mass Torts Made Perfect, "Bond Insurance Update," October 2009 • Public Investors Arb itration Bar Associatio n Meeting Session , "Financial Preferreds-Freddie, Fan nie, and Others," October 2009 • Public Investors Arbitration Bar Association Meeting Session," NASAA Roundtable," October 201 0 • Mass Torts Made Perfect, "Yo u r Loca l Municipalities Fleeced from Iss uance of Auction Rate Securities," April 2011 • Gulf Coast Financia l Pla n ning As so ciation, May 2011 • NYC Ba r CLE, "Prospectus Defense," June 20 11 • Practi ci ng Law Institute's Securities Arbitration 2011 Program, "Assessing the Case : Arbitrate, Mediate, or Negotiate?" August 2011 • Practicing Law Institute's Securities Arbitration 2011 Program, "The Future of FINRA Dispute Re so lution: Co ntra ct ion or Growth?" August 20 11 • Mass Torts Made Perfect, "ERISA Litigation," October 2011 • Public Investors Arbitration ·Bar Association Webinar, "The iPad for Lawyers," Ju ly 20 12 • Mass Torts Made Perfect. "A Decade of Securities Mass Torts: What We Have Learned," October 2012 https://www.levi n law.com /attomev-n rofi lP.<:/n P.tPr -mn••oP" Page 2 of4 CHARMA INE R. (READ ALL) "I am so appreciat ive of the hard work and dedication that you put f o rth on my case . I cannot thank you enough f or mak ing my mom and I feel so comfort abl e thro ughout this whole process . You are on e amazing lawyer . I wish you the best and I wanted to l et you know that I will never forget you!" Th e Florida Bar d iSclaimers r egarding posting tes timonials, click here. f ~~II&J) t We are Ava ila ble 1 /1 0 /.,(\1 "7 . Peter Mougey I Securities & Investment Fraud Atto rney I Levin Papantonio • St. Anne Church, Adu lt Fair Formation, Co-Chair, 2003-2007 • St An n e Churc h, Board of Directors, 2007-present Representative Cases Mr. Mougey concentrates his practice in the areas of financial services and securit ies litigation, wh istle blower or qui ta m li tigation, as well as complex business lit igation. Over the last five years, Mr. Mougey has represented approximately 50 state, munic ipal, and instit u tiona l investors in financia l services litigation and arbitration. In ad d ition, he has represented more t han o n e thousa nd se cu rities f r aud victims in state and federal co urt and securities arbit rati ons across the co untry. Prior Employment • Beggs & Lane; Pensacola, Florida MAI N OFFICE Lev in Papanto nio 316 So uth Baylen Street Pensacol a, FL 32502 CONTACT INFOR MATION To ll Free: (800 ) 277-1193 Pensacola: (850) 435-7000 Click f or Free Eva luation ( _____ c_l_ic_k_t_o_c_h_a_t __ ~) SOCIAL M ED IA http s://www.levinlaw.com/attomey-profiles/peter-mo ugey Page 4 of4 Copyright © 1996-2017 Levin Papantonio Thomas M itchell Raffety Proctor, P.A. 1/1 R/2 01 7 Pooled Equity (@05.08.17) Morgan Stanley Account (04.30.17)Total Balance 10.01.16 160,615$ 16,324,242$ 16,484,857$ - Revenue - Employer Contributions 783,733$ 783,733$ Employee Contributions 75,627 75,627 Morgan Stanley Portfolio 953,887 953,887 859,360$ 953,887$ 1,813,247$ Expenses Admin (34,315)$ (34,315)$ Retirees Payouts (688,956) (688,956) (723,271)$ -$ (723,271)$ Transfers - 296,704$ 17,278,129$ 17,574,833$ City of Atlantic Beach General Employee Pension Fund Fund Balance Report May 11, 2017 Pooled Equity (@05.08.17) Morgan Stanley Account (04.30.17)Total Balance 10.01.16 197,427$ 8,723,191$ 8,920,618$ - Revenue - Employer Contributions 497,014$ 497,014$ Employee Contributions 79,090 79,090 Morgan Stanley Portfolio 491,990 491,990 576,104$ 491,990$ 1,068,094$ Expenses Admin (23,091)$ (23,091)$ Retirees Payouts (413,871) (413,871) (436,962)$ -$ (436,962)$ 336,569$ 9,215,181$ 9,551,750$ City of Atlantic Beach Police Pension Fund Fund Balance Report May 11, 2017 Account Description 2016 Actual Expense FY 17 Budget FY 17 Expense % Total Budget Plan Expense: Service Providers: Admin Expense (Acutuary & Legal)20,034 25,000 8,094 35.1% Investment Expense 13,149 30,000 8,898 38.5% Subtotal:33,183 55,000 16,993 73.6% Trustee Expenses: Book, Subscription, Memberships 600 700 - 0.0% Training 2,194 3,500 652 2.8% Subtotal:2,794 4,200 652 2.8% Other Plan Expenses: Insurance 2,979 4,270 2,915 12.6% Subtotal:2,979 4,270 2,915 12.6% Pension Office: Office Expenses: COAB Internal Services - City Manager 324 299 200 0.9% COAB Internal Services - Finance Department 1,327 999 664 2.9% COAB Internal Services - Human Resources 2,218 2,484 1,656 7.2% Printing & Publishing 11 20 11 0.0% Subtotal:3,880 3,802 2,531 11.0% TOTAL:42,836 67,272 23,091 100.0% Retirement Payouts: Service Retired Pay 428,309 550,650 334,984 Disability Retired Pay 118,331 118,331 78,887 Drop Pay - ICMA 401 Plan - - - Pension Refunds 23,671 15,000 - Subtotal:570,310 683,981 413,871 Admin Expense Reconciliation GABRIEL ROEDER SMITH & CO 3,600 CHRISTIANSEN & DEH 4,494 8,094 City of Atlantic Beach Police Pension Fund Expenditures as of May 8, 2017 Account Description 2016 Actual Expense FY 17 Budget FY 17 Expense to Date % Total Budget Plan Expense: Service Providers: Admin Expense (Acutuary & Legal)19,530 25,000 7,740 22.6% Investment Expense 31,869 75,000 18,227 53.1% Subtotal:51,399 100,000 25,967 75.7% Trustee Expenses: Book, Subscription, Memberships 600 800 - 0.0% Training 1,206 4,200 - 0.0% Subtotal:1,806 5,000 - 0.0% Other Plan Expenses: Insurance 2,979 4,270 2,915 8.5% Subtotal:2,979 4,270 2,915 8.5% Pension Office: Office Expenses: COAB Internal Services - City Manager 337 311 208 0.6% COAB Internal Services - Finance Department 1,946 1,487 992 2.9% COAB Internal Services - Human Resources 5,618 6,294 4,200 12.2% Printing & Publishing 34 50 33 0.1% Subtotal:7,935 8,142 5,433 15.8% TOTAL:64,118 117,412 34,315 100.0% Retirement Payouts: Service Retired Pay 789,096 911,296 546,870 Disability Retired Pay 46,859 46,884 31,239 Beneficiary Pay 132,570 132,564 88,380 Drop Pay - ICMA 401 Plan - - - Drop Pay - DB Plan - - - Lump Sum Distribution 207,381 - - Pension Refunds 31,898 - 22,467 Subtotal:1,207,803 1,090,744 688,956 Admin Expense Reconciliation GABRIEL ROEDER SMITH & CO 4,740 CHRISTIANSEN & DEH 3,000 7,740 City of Atlantic Beach General Employee Pension Fund Expenditures as of May 8, 2017