Chicago Mayor's Nephew, Backer Got $9M in Fees, Most of That for Managing Deals That Tanked

If there ever was any hope that five Chicago city workers pension funds would make any money by investing $68 million with then-Mayor Richard M. Daley’s nephew and one of his key political supporters, it didn’t last long.

Only months after the deals were made a dozen years ago, problems began to emerge.

The nephew, Robert G. Vanecko, and his business partner Allison S. Davis, a developer who gave campaign money to Daley and was appointed by the mayor to head the Chicago Plan Commission, started investing in a series of property deals that, by the time the last of them are unwound by the end of December, will have cost the city workers pension funds 80 percent of the $68 million they put in — $54 million in all.

Vanecko and Davis set up a company, DV Urban Realty Partners, and bought an apartment building that was riddled with code violations.

Read more: https://chicago.suntimes.com/feature/daley-pension-debacle-where-did-54-million-go/