Couple Accused of Stealing Mllions from Detroit Pension Fund

Several creditors say they are owed $39.5 million and are victims of an alleged Ponzi scheme.


A South Carolina couple accused of stealing $5 million from a Detroit pension fund lived lavishly, shopped for a $1.5 million Caribbean vacation home and splurged on jeweled Russian eggs and statues created by famed French sculptor Auguste Rodin, according to federal court records.

Detroit pension lawyers are hunting for the treasures, which have disappeared, allegedly after being shipped out of the country or hidden by George and Teresa Kastanes, according to federal court records.

Teresa Kastanes also has disappeared after fleeing to a Caribbean island in March amid a search for cash missing from a failed $10 million Detroit pension fund investment.