WPRI 12/Journal Poll: Magaziner takes big lead over Caprio

August 19th, 2014 at 5:00 pm by under Nesi's Notes

By Ted Nesi

PROVIDENCE, R.I. (WPRI) – Democrat Seth Magaziner has jumped out to a double-digit lead over his rival Frank Caprio in the primary for Rhode Island general treasurer, an exclusive WPRI 12/Providence Journal poll released Tuesday shows.

The poll also shows A. Ralph Mollis leading in the race for lieutenant governor and Guillaume de Ramel leading in the primary for secretary of state.

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One Response to “WPRI 12/Journal Poll: Magaziner takes big lead over Caprio”

  1. Ted,
    The more attention on this race the better. The next Treasurer will be in a very important position given the startlingly bad condition of our cities and towns. As you may know I have been writing and blogging about this Treasurer race for a while now. As an investment professional of 35 years + , a current registered investment adviser,managing member of a hedge fund , I know very well the rules and ethics surrounding what an investment professional and any affiliated firm can claim publicly. Without those rules any employee of any financial firm could claim virtually any performance or return without fear of regulation.
    Of course they cannot make such claims. If Mr. Magaziner has taken CFA level 1 and passed he well knows that both he and Trillium are currently in violation of the CFA ethics code.Included below is an email containing a series of questions I have been asking Trillium and Magaziners Staff since late July early August. After viewing the debate on WPRI , I was astonished at the claims made by Magaziner and those claims have been my focus. He has never managed money, I have managed money and I imagine I am not the only professional portfolio manager insulted by his claims because he is an “analyst” , something i have also been.His performance as an analyst is unclear but one thing is clear . Magaziner recommended “Wisdom Tree” to the portfolios and Trillium highlighted it as the worst performing pick in the entire firm. The symbol is WETF and its down 37% this year. So for those who care about the truth and want the facts. My letter is attached below.

    mg riley

    He never managed a dime. So now Trillum has an issue for making false claims that I will take to the CFA Institute.

    emailed letter

    Michael Riley
    To rrice@trilliuminvest.comlmackinnon@trilliuminvest.comMe
    Jul 29
    Dear Sirs ,
    I am directing these questions for my articles to Cheryl Smith who is listed as Compliance Officer. Please make sure she gets this communication as her email was unavailable on your website. The questions surround employment and inestment claims made by Seth Magaziner. I look forward to a response from Trillium Asset management

    http://www.trilliuminvest.com/staff/management-team/smith-cheryl/

    Dear Ms. Smith,
    Seth Magaziner is one of three candidates for State Treasurer in Rhode Island. I am writing a series of stories about the three candidates and Seth made several claims in a recent debate that trouble me and I have thus far been unable to verify. As a former CFA institute member and member of the Providence Analyst society I know that managing money can be a team effort but only those who manage the money “Portfolio managers” may cite responsibility for returns and use it as part of their Track record. I also know that CFA ethics and I presume Trillium ethics would prohibit any employee, much less for State Treasure from manufacturing a track record or claiming money management skills attained through managing money at Trillium ,unless it was true statement made by the individual. I am asking if Seth Magaziner ever managed money or a portfolio for clients at Trillium Asset Management? If so, does he have a track record and what years/months was he a portfolio manager and which fund?

    I am assuming Trillium as a result of the many CFA’s and your personal designation follows CFA rules and ethics. I have attached those rules that I believe pertain to the claims made by Mr. Magaziner as well as a link to a recent debate that I believe makes my point. I have other Seth Magaziner public statements on video and in print that I sincerely question. In the interest of open-ness
    and honesty will you please examine this and reply or call me at redacted

    http://wpri.com/2014/07/11/newsmakers-ri-general-treasurer-debate-ernie-almonte-frank-caprio-seth-magaziner/

    I believe the following CFA standards apply:

    Standards of Professional Conduct
    I C. Misrepresentations
    III Duties to clients
    D. performance presentation
    IV Duties to employers
    C. Responsibility to supervisors
    V Investment Analysis,recommendations and actions
    C Record Retention

    In addition,, What licensing did he need to communicate with clients, if any?

    Michael G Riley