Deals and People December 1, 2011

Penson Worldwide Appoints Independent Director

December 1, 2011 (PLANSPONSOR.com) – Diane L. Schueneman has been appointed independent director of Penson Worldwide, Inc. 
 
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The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry. The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada Inc., Penson Financial Services Ltd., Nexa Technologies, Inc., Penson Asia Limited, and Penson Financial Services Australia Pty Ltd.  

Schueneman is filling the vacancy left by David A. Reed, who resigned last Friday.

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Schueneman previously served as senior vice president and head of Global Infrastructure Solutions of BofA Merrill Lynch (formerly, Merrill Lynch & Co. Inc.) from April 2006 to 2008, where she was responsible for all technology, infrastructure, client services and operations worldwide for Capital Markets, Private Wealth and Asset Management. Prior to that, she was head of Global Operations & Infrastructure Services of BofA Merrill Lynch from October 2004 to April 2006.

Schueneman started her career at Merrill in 1971 as an account executive in Institutional Sales. Subsequently, she served in a number of roles with increasing responsibility in International Equities in the UK, Global Futures Execution and Clearing Services, Global Fixed Income and Derivative Operations, Operations and Administration for Merrill Lynch Investment Managers worldwide and Global Private Client Services & Technology Division, where she was responsible for all banking and brokerage services and technology provided to Merrill’s retail, middle market and 401(k) clients.

Schueneman currently is a non-executive director of ICAP plc. She also has served as a director of Depository Trust & Clearing Corporation (DTCC); a Member of Global Board of Managers of Omgeo, LLC, which automates trade lifecycle events between investment managers, broker/dealers and custodian banks; and a director of Capco Group, which provides integrated consulting, technology and transformation services to the financial services industry in North America and internationally.

Administration December 1, 2011

Court Denies Summary Judgment in CalPERS Kickback Case

December 1, 2011 (PLANSPONSOR.com) - A California judge has rejected a request from prosecutors to declare that a former state pension board member orchestrated illegal investment deals and should surrender $40 million in fees.
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The Associated Press reports prosecutors said there was enough evidence for the judge to rule before trial, but Los Angeles County Superior Court Judge John Reid found key issues remained in dispute, according to a proposed ruling posted on the court’s website.  

The state attorney general sued Alfred Villalobos in May 2010, claiming he and his company operated without a license while reaping millions of dollars in fees for steering California Public Employees Retirement System (CalPERS) investments to clients (see Former CalPERS Officials Sued over Investment Scheme). The lawsuit alleged he lavished CalPERS officials with kickbacks to gain influence at the nation’s largest public pension fund.  

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Villalobos, a former Los Angeles deputy mayor who served on the CalPERS board from 1992 to 1995, has denied the charges. The lawsuit stalled after Villalobos declared bankruptcy, but a court ruling cleared the way for legal proceedings to resume separately from the bankruptcy case. A trial is tentatively scheduled for next year.  

According to the Associated Press, Lynda Gledhill, a spokeswoman for state Attorney General Kamala Harris, said the ruling “says nothing at our ability to prevail at trial.” An attorney for Villalobos did not immediately return a phone call from the Associated Press seeking comment.

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