Jeffrey Beasley was the treasurer for the city of Detroit from 2006 to until he resigned in September 2008, according to the Detroit News.
Today's indictment charges Beasley with conspiring with others to "personally enrich himself and his co-conspirators by accepting bribes in the form of cash, travel, meals, golf clubs, drinks, gambling money, hotel stays, entertainment, Las Vegas concert tickets, massages, limousine service, private plane flights, and other things of value."
Prosecutors charge that bribes given to Beasley and his co-conspirators came from individuals who had business before the General Retirement System and the Police and Fire Retirement System of the City of Detroit.
More from the Detroit News:
Beasley, a fraternity brother of ex-mayor Kwame Kilpatrick's at Florida A&M University, accepted the bribes and kickbacks in return for approving more than $200 million in pension fund investments, prosecutors said Tuesday...
If convicted, Beasley faces up to 20 years in prison. Charges include extortion, attempted extortion, and conspiracy to commit honest services mail and wire fraud.
"Employees of the City of Detroit are entitled to honest services from the trustees of their pension funds," U.S. Attorney Barbara McQuade said in a prepared statement. "We will prosecute public officials who abuse their positions of trust to personally enrich themselves at the expense of the people they were intended to serve."
Jeffrey Beasley, 43, now lives in Chicago.
The Detroit News reports that during a deposition last September, Beasley had invoked his Fifth Amendment right 477 times, according to a transcript reviewed by the newspaper.