(WGN-AM)- Mayor Richard Daley's nephew Robert Vanecko has quit a real estate firm under federal investigation.
The company, DV Urban Realty, announced Vanecko's resignation today, less than two weeks after federal prosecutors sent subpoenas to city employee pension funds that invested in DV Urban.
City pension fund boards had agreed to invest $68 million in DV Urban, which was led by Vanecko and longtime Daley ally Allison Davis.
Pension fund officials had refused to comply with subpoenas from city Inspector General David Hoffman. Now the investments in DV Urban are the subject of a joint probe by Hoffman's office and prosecutors under U.S. Atty. Patrick Fitzgerald.
Vanecko no longer will be a general partner or investor in the real estate venture, according to today's announcement.
Asked last week about the joint city-federal investigation of his nephew, Daley replied, "That's all right."
More from Dan Mihalopoulos in Clout Street on chicagotribune.com
(The Chicago Tribune contributed to this story)
Get the latest news at the top and bottom of every hour on News/Talk 720, WGN
The company, DV Urban Realty, announced Vanecko's resignation today, less than two weeks after federal prosecutors sent subpoenas to city employee pension funds that invested in DV Urban.
City pension fund boards had agreed to invest $68 million in DV Urban, which was led by Vanecko and longtime Daley ally Allison Davis.
Pension fund officials had refused to comply with subpoenas from city Inspector General David Hoffman. Now the investments in DV Urban are the subject of a joint probe by Hoffman's office and prosecutors under U.S. Atty. Patrick Fitzgerald.
Vanecko no longer will be a general partner or investor in the real estate venture, according to today's announcement.
Asked last week about the joint city-federal investigation of his nephew, Daley replied, "That's all right."
More from Dan Mihalopoulos in Clout Street on chicagotribune.com
(The Chicago Tribune contributed to this story)
Get the latest news at the top and bottom of every hour on News/Talk 720, WGN
