The Securities and Exchange Commission has charged a now-defunct, Detroit-based investment advisory firm and its former top officials for stealing almost $3.1 million from a pension fund for the city's police officers and firefighters.

Chauncey Mayfield, who at 57 was founder, president, and chief executive officer of MayfieldGentry Realty Advisors, took the money from the Detroit's Police and Fire Retirement System of the City of Detroit in 2008 without obtaining permission and used it to purchase two strip malls in California, the SEC said.

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