At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once again. Video
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SEC sues ex-Detroit officials, adviser on "gifts"
WASHINGTON (Reuters) - U.S. securities regulators on Wednesday charged the former Detroit mayor and treasurer along with the city's public pension investment adviser with devising a secret exchange of "lavish gifts" to influence the pension fund's investments.
The Securities and Exchange Commission's case, filed in a U.S. district court in Michigan, alleges that ex-Mayor Kwame Kilpatrick and former Treasurer Jeffrey Beasley solicited $125,000 worth of perks paid for by advisory firm MayfieldGentry Realty Advisors LLC.
The SEC claims that MayfieldGentry's Chief Executive Officer, Chauncey Mayfield, in turn recommended $117 million worth of investments in a real estate investment trust controlled by his firm.
The SEC said these alleged conflicts of interest were never disclosed.
(Reporting By Lisa Lambert and Sarah N. Lynch; Editing by Gerald E. McCormick)
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