"A sinister pall of secrecy" surrounds Rhode Island's pension system and has enabled hedge fund managers to keep the state in the dark about how its assets are being invested, according to a forensic report that called on federal securities regulators to investigate state General Treasurer Gina Raimondo's management of $7 billion in pension funds.

Benchmark Financial Services of Ocean Ridge, Fla., on Thursday released the 105-page report, titled "Rhode Island Public Pension Reform: Wall Street's License to Steal." Benchmark authored the report for Rhode Island Council 94 of the American Federation of State, County and Municipal Employees.

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