Schiff, Borges depart AVP Advisors

The duo have left the Los Angeles-based real estate investment firm. The placement agency they co-founded in 2001, Wetherly Capital, was mentioned in a legal complaint regarding the New York pay-to-play scandal. Wetherly has not been accused of any wrong-doing.

Vicky Schiff and Peter Borges have departed real estate investment firm AVP Advisors, the firm has confirmed to PERE.

Schiff and Borges were respectively managing principal and principal at the Los Angeles-based firm. Managing principal Mark Albertson said the pair were no longer with the firm but declined to comment further.

Schiff and Borges have recently caught the headlines after the placement agency they co-founded in 2001, Wetherly Capital, was mentioned in a complaint filed by New York State Attorney General Andrew Cuomo over the pay-to-play scandal.

Wetherly, which has not been accused of any wrongdoing, was shown to have paid $313,750 in fees to former New York political operative Henry Morris in connection with investments in various investment firms.

Morris, along with David Loglisci, the New York Common’s former chief investment officer, has been indicted by Cuomo in a scheme to collect sham finder’s fee from investment firms for commitments from the pension. Four other people have been indicted in the scandal.

Wetherly Capital has closed its New York and Chicago offices, a spokesman confirmed. Another spokesperson previously said: “The $314,000 refers to payments made to Morris’ company for work that Morris performed as consultant. Wetherly and its personnel have been fully co-operating with the Attorney General’s investigation.”

According to fund documents from Illinois Municipal Retirement Fund, Schiff and Borges used to divide their time between Wetherly and AVP.