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As storied short seller David Einhorn would say, “No matter how bad you think it is, it’s worse.” The lawyers and banking experts I’ve contacted thus far have never heard of a case like the latest from CalPERS, which is saying a lot.
As you can see from the embedded filing below, CalPERS is suing Gloria Najera, a former employee it says embezzled $685,000 from beneficiaries, including, Wells Fargo style,
from a beneficiary’s bank accounts.
The civil claim is sketchy on the timetable, but Najera was a clerical worker responsible for updating beneficiary addresses and bank direct deposit information. That apparently also gave her access to at least the last four digits in their Social Security numbers. Najera used this information to pilfer directly from the bank account of one beneficiary to the tune of nearly $69,000. For nine others, she diverted funds from dormant CalPERS accounts (where CalPERS had reason to think the beneficiary was still alive but had only out-of-
CalPERS Sues Former Employee for Allegedly Stealing Pension Money
More than $685,000 was stolen from 10 retirees, including a homeless person and beneficiaries under legal conservatorships, the fund said in its lawsuit.
The California Public Employees’ Retirement System (CalPERS) is suing a former employee who allegedly stole about $685,000 from 10 retiree accounts, the fund said.
Among the victims targeted by the accused former employee was a homeless person, as well as three beneficiaries who are under legal conservatorships, according to a complaint filed last week with the Superior Court of the State of California in Sacramento County.
Members under conservatorships have legal guardians appointed to oversee their financial assets either because of old age or disability.
CalPERS complaint alleges former employee stole $685,000
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CalPERS is suing a former employee in its retirement benefit services division for taking money from 10 dormant retiree accounts, according to a complaint.
The $460.8 billion California Public Employees Retirement System, Sacramento, filed the lawsuit April 16 in California Superior Court in Sacramento against Gloria Najera, a 25-year veteran of CalPERS and a former associate governmental program analyst. From July 2017 until January this year, the complaint alleges, Ms. Najera took about $685,692 from the dormant accounts, depositing the money in bank accounts she controlled, or paying off her or family members debts.
Three of the retirees whose accounts were dormant were under a conservatorship for lack of legal capacity and another was or is homeless.