Written by In 2008, Chairman William A. DiBella was ordered by the SEC to pay $795,000 in restitution for his role in an investment scheme involving former State Treasurer Paul J. Silvester and Thayer Capital Partners. DiBella and his associates received payments by Thayer in return for investing money from the Connecticut State Retirement and Trust Fund into Thayer’s investment firm. As MDC Chairman at the time, there was public pressure for his resignation or termination. In August 2022, the MDC investigated $80,000 billed for legal services by James Sandler, of Sandler & Mara PC. Sandler’s contract was terminated in 2021 over billing concerns. During discussions at the public hearing, DiBella recused himself for conflict of interest and left the meeting. The bills listed DiBella as an attendee in 79 meetings, which other MDC Commissioners did not recall. An independent investigation concluded that DiBella exceeded his authority by continuing services with Sandler beyond the contract’s scope and without internal counsel involvement. The report highlighted gaps in policies and procedures regarding contracting legal services. A State Legislative committee held open hearings to reconsider portions of MDC’s charter and audit requirements.
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