BWC tried to hide hedge fund losses, ousted exec alleges

By JOSHUA BOAK
BLADE STAFF WRITER

COLUMBUS - Executives at the Ohio Bureau of Workers' Compensation deleted correspondence, misled auditors, and undermined the state agency's investment division to cover up a $215 million loss in a Bermuda hedge fund, said Jim McLean, the bureau's recently fired chief investment officer.

Claiming that he was sacked because he campaigned within the bureau to publicly disclose the losses, Mr. McLean filed an appeal with the state's Personnel Board of Review on Sept. 23 to regain his job.

"I simply want to clear my reputation," Mr. McLean said in an interview. "I feel like I tried to raise this issue, tried to raise the alarm and, because of that, I was placed on administrative leave and subsequently fired."