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02-09-17 Police Employee Pension Board MinutesCITY 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% Total $ 8,910,937 100.0% The data contained herein has been obtained from sources we believe to be reliable, but cannot be warranted by Morgan Stanley Smith Bamey LLC as to accuracy or completeness. We do not undertake to advise of changes in our figures or views. This is not a solicitation to buy or sell. Past performance is no guarantee 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 Injuries Medical Devices Defective Products Videos Contact Home " Securities & Investment Fraud Lawyers I Securities & Investment Fraud Lawyers When you trust a securities and investment firm to maintain (and hopefully grow) your savings, you expect to receive truthful, professional, and accurate information and advice tailored to your particular circumstances. Sometimes unscrupulous stockbrokers and investment advisors take advantage of your trust and you can find yourself facing the loss of your life savings because of the dishonesty of others. Whether your loss is due to unsuitable investment advice, conflicts of interest, or investment fraud, all you know is your retirement income is gone. At Levin, Papantonio, our securities and investment fraud lawyers are dedicated to helping victims of stockbroker fraud, broker misconduct, and unsuitable recommendations · recover their losses. Investment fraud and broker misconduct can take many forms. Our experienced securities fraud attorneys, CPAs and MBAs can analyze your portfolio for free to determine if misconduct caused you to suffer losses. Many investment and brokerage firms and their financial advisors fail to act in accord with your interests. Their misconduct often includes the following: I General Securities and Investment Fraud Litigation For detailed information regarding various forms of securities and investment fraud, click on the below links. Bond Fraud And Misconduct Breach Of Fiduciary Duty https://www.levinlaw.com/securities-investment-fraud-lawver I I r FREE CASE EVALUATION First Name: Last Name: Email: Phone Number: Briefly describe your legal issue: Please type the number you see: 4400 ..... Submit for Free Evaluation TESTIMONIALS 111 R/?0 17 . Securities and Investment Fraud Lawyer Churning And Excessive Trading Failure To Supervise Investment Fraud And Misconduct Margin Trading Misrepresentation And Omissions Overconcentration Of Assets Preferred Security Issues REIT Issues Selling Away Unauthorized Trading Variable Annuity Issues I Specific Securities and Investment Fraud Litigation Merrill Lynch Strategic Return Notes Lawsuit Fraud: Merrill Lynch sold Strategic Return Notes ("SRNs") to retail customers through Bank of America during the period 2010-2011. These investments have lost 90% of their value, and Merrill Lynch is the subject of numerous lawsuits, and a Securities Exchange Commission investigation. Santander Puerto Rico Bond Fund Investigation: Santander recommended and aggressively promoted Puerto Rican municipal bonds and closed-end funds containing the same investments. As a result, an overwhelming number of Puerto Rican investors held large, geographically concentrated investments. Santander touted the tax advantages, while failing to disclose the significantly higher, unnecessary risks. UBS Puerto Rico Bond Fund Investigation: UBS, through its affiliate UBS Financial Services Incorporated of Puerto Rico, recommended that many of its clients take concentrated positions in closed-end Puerto Rican municipal bond funds. Because of UBS's unsuitable recommendations, many investors lost their retirement savings 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 appreciative of the hard work and dedication that you put forth on my case. I cannot thank you enough for making my mom and I feel so comfortable throughout this whole process. You are one amazing lawyer. I wish you the best and I wanted to let you know that I will never forget you!" The Florida Bar disclaimers regarding posting testimonials, 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 Trial Team of the Year Martindale-Hubbell Preeminent Woman Attorney National Law journal Top Ten Litigator SuperLawyers For a list of our awards, 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 Levin 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 Mougey, the past President of the national securities bar, PIASA, our Securities and Business Tort Department has represented more than 1,500 investment fraud victims across the country in state and federal court and securities industry arbitration. To contact us for a free confidential consult, you can call us at (800) 277-1193 (toll free). You also can request a free private and confidential evaluation by clicking Free & Confidential Consult, and your inquiry will be immediately reviewed by one of our attorneys who handles your specific type case. MAIN OFFICE Levin Papantonio 316 South Baylen Street Pen sacola, FL 32502 CONTACT INFORMATION Toll Free: (800) 277-1193 Pensacola: (850) 435-7000 Click for Free Evaluation (~ _____ c_n_c_k_t_o_c_h_a_t ____ ~) SOCIAL MEDIA https://www.levinlaw.com/securities-investmP.nt-fr~~ul-1~""'"r Page 3 of3 $1 Billion in Defective Product Case $480 Million in Defective Product Case $380 Million in Environmental Pollution Case $42 Million in Defective Drug Case $42 Million in Fraud Case $31 Million in Medical Malpractice Case $25 Million in Defective Drug Case For a list of our verdicts. click here. Search Our Site < > Copyright © 1996-2017 Levin Papantonio Thomas Mitchell Raffety 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 Defective Products Videos Contact Home •• Peter Mougey I Attorney Profile Peter Mougey Shareholder Levin Papantonio (850} 435-7000 (888} 435-7001 pmougey@levinlaw.com Peter Mougey Peter j. Mougey is recognized as one of Florida's top 1 00 trial lawyers, a Florida Super Lawyer in securities litigation, Florida Trends Legal Elite, and the former President of the national securities bar association Public Investors Arbitration Bar Association (PIASA). In addition, Mr. Mougey has been rated AV Preeminent by his peers through Martindale-Hubbell. He is a shareholder with levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor and is head of the Securities & 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 Finance, Discovery 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' perspectives 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-chairs the Arbitration Committee of PIASA, an international organization of attorneys dedicated to the advancement of investors' rights in the securities industry, and has served as chairman of PIASA's NASAA Committee and Improving Arbitration Task Force. Mr. Mougey is frequently quoted on securities matters in national press outlets, including The Wall Street journal, Forbes, The Los Angeles Times, Barrons, Kiplinger, Business Week, and Investment News. Year joined Law Firm 0 2008 Present Position with law Firm o Shareholder https://www.levinlaw.com/attorney-profiles/oeter-mou2:ev I FREE CASE EVALUATION First Name: Last Name: Email: 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 Securities & Investment Fraud Attorney I Levin Papantonio Areas of Practice • Securities • Class Action • QuiTam • Business Torts · Bar Admissions ·Alabama • Florida Certifications/Specialt ies Financial Industry Regulatory Authority (FINRA) Certified Regulatory and Compliance Professional (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 Classes/Seminars Taught • Public Investors Arbitration Bar Associa tion Meeting Session, "Discovery and Motion Practice," October 2003 • Public Investors Arbitration Bar Association Meeting Session, "Hot Topics in Margin Cases," October 2004 • Public Investors Arbitration Bar Association Meeting Session, "Standard Deviation, Value at Risk, and Monte Carlo; Simulations in Arbitrations," September 2005 • Public Investors Arbitration Bar Association Meeting Session, "Countering Defense Strategies: Overcoming Red-Herring Defenses," October 2007 • Mass Torts Made Perfect. "Bond Insurance: The Municipality Rip Off," March 2009 • Injury Board Trial Bar Conference CLE, "The Subprime Meltdown: Greed at the Expense of Mainstreet," June 2009. • Public Investors Arbitration Bar Association Webinar, "Case Oversight." August 2009 • Mass Torts Made Perfect, "Bond Insurance Update," October 2009 • Public Investors Arbitration Bar Association Meeting Session, "Financial Preferreds-Freddie, Fannie, and Others," October 2009 • Public Investors Arbitration Bar Association Meeting Session," NASAA Roundtable," October 201 0 • Mass Torts Made Perfect, "Your Local Municipalities Fleeced from Issuance of Auction Rate Securities," April 2011 • Gulf Coast Financial Planning Association, May 2011 • NYC Bar CLE, "Prospectus Defense," June 2011 • Practicing 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 Resolution: Contraction or Growth?" August 2011 • Mass Torts Made Perfect, "ERISA Litigation," October 2011 • Public Investors Arbitration·Bar Association Webinar, "The iPad for Lawyers," July 2012 • Mass Torts Made Perfect. "A Decade of Securities Mass Torts: What We Have Learned," October 2012 https://www.levinlaw.com/attomev-nrofilP.<:/nP.tPr-mn••oP" Page 2 of4 CHARMAINE R. (READ ALL) "I am so appreciative of the hard work and dedication that you put forth on my case. I cannot thank you enough for making my mom and I feel so comfortable throughout this whole process. You are one amazing lawyer. I wish you the best and I wanted to let you know that I will never forget you!" The Florida Bar diSclaimers regarding posting testimonials, click here. f ~~II&J) t We are Available 1 /1 0 /.,(\1 "7 . Peter Mougey I Securities & Investment Fraud Attorney I Levin Papantonio • St. Anne Church, Adult Fair Formation, Co-Chair, 2003-2007 • St Anne Church, Board of Directors, 2007-present Representative Cases Mr. Mougey concentrates his practice in the areas of financial services and securities litigation, whistleblower or qui tam litigation, as well as complex business litigation. Over the last five years, Mr. Mougey has represented approximately 50 state, municipal, and institutional investors in financial services litigation and arbitration. In addition, he has represented more t han one thousand securities fraud victims in state and federal court and securities arbitrations across the country. Prior Employment • Beggs & Lane; Pensacola, Florida MAIN OFFICE Levin Papantonio 316 South Baylen Street Pensacola, FL 32502 CONTACT INFORMATION Toll Free: (800) 277-1193 Pensacola: (850) 435-7000 Click for Free Evaluation ( _____ c_l_ic_k_t_o_c_h_a_t __ ~) SOCIAL MEDIA https://www.levinlaw.com/attomey-profiles/peter-mougey Page 4 of4 Copyright© 1996-2017 Levin Papantonio Thomas Mitchell Raffety Proctor, P.A. 1/1 R/201 7