Feds investigate Arizona pension investment trust

inflated-property-value-lower-tax-billPHOENIX (AP) — Federal authorities are investigating a state retirement investment trust which has been accused of inflating the values of poor-performing real-estate holdings.

The FBI and the U.S. Attorney’s Office for Arizona wouldn’t disclose the nature of the investigation and a trust spokeswoman Christa Severns said officials hadn’t been officially notified about the investigation.

However, individuals interviewed by investigators said the probe involves management and investments of a trust for state retirement plans for responders, judges and corrections officers, The Arizona Republic reported.

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