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02-09-17 General Employee Pension Board Minutes __________________________ ____________________________ 1. 2. 3. 4. 5. 6. CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES February 9, 2017 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 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. 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. 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% 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. 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 1 I . Securities and Investment Fraud Lawyer Page I of3 LEVIN PAPANTONIO Click for Free Case Evaluation Thoma• I Mit<h<ll I Roffuty I Pro<tor I P.A. 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 Securities & Investment Fraud Lawyers I I FREE CASE EVALUATION Fi rst Name: Last Name: When you trust a sec urities and investment firm to maintain (and hopefully grow) Email : 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 Phone Number: find yourse lf faci ng t he loss of your life savings becau se of the disho nesty of others. Briefly describe your legal Whether your loss is due to u nsu itable investmen t adv ice, conflicts of interest, or issue : 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 . Please type the number you Investm ent fraud and broker m isconduct can take m any forms . Our experi enced see: securities fraud attorneys, CPAs and MBAs can analyze your portfolio for free to 4400 ..... d eterm ine if misconduct caused you to suffer losses. Many investment and Submit for Free Eva luation 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 r 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 TESTIMONIA LS Brea ch Of Fidu cia ry Duty https://www.levin law.com/securities-investment-fraud-lawver 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 Page 2 of4 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 Conference 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 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 "7https://www.levi n law.com /attomev-n rofi lP.<:/n P.tPr -mn••oP" . 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