By: Libi Uremovic | Original Article at patch.com
Bond Requisitions Reveal that the City Paid GGMS for Arbitrage Services
Arbitrage Services Paid to GGMS
A Beaumont Special Council Meeting held September 23, 2015, revealed that the City of Beaumont had never filed Arbitrage Reports on the 34 CFD Bonds acquired since 1993. It is expected to cost several hundred thousands of dollars to correct the error.
The Bond Fund Requisitions reveal that Arbitrage Services were paid from the Mello Roos Bond Fund Accounts. General Government Management Services was paid a total of $10,390.00 on 23 Requisitions from 1996 thru 2004.
The Requisitions were authorized by City Manager Alan Kapanicas and Public Works Director Deepak Moorjani.
Alan Kapanias is the Principal of General Government Management Services.
While holding the title of City Manager; Alan Kapanics paid his Company for Arbitrage Services that were never performed.