A New Investigation in Penn Delco
Unfortunately (from Sereni's perspective), it won't focus on Business Administrator John Steffy's alleged failings, but on the split-dollar insurance policy deal that cost the district $640,000.
New solicitor Mike Levin has stated that the policy as it was written was in violation of the school code because it is illegal for a school district to invest in mutual funds.
Last week, the board unanimously voted a resolution authorizing Levin to investigate the deal.
"According to my review so far, there were a lot of inappropriate things done in connection with this split-dollar policy, such that it is my recommendation that we ask New England Life Insurance to return all premiums and to seek repayment from Creative Financial Solutions, who was the broker who provided certain services."
As solicitor, Sereni reviewed the 2004 deal and approved it. If Levin is right, Sereni fell down on the job of protecting the district big time.
In the meantime, Levin has been hired on through 2008 to serve as the district's solicitor. It appears that those who feared The Return of Solicitor Sereni need not have worried so much.