(Bloomberg) -- A Detroit investment adviser will pay $3.1 million to settle U.S. Securities and Exchange Commission claims that he stole money from a police pension fund to finance his purchase of two California strip malls.

Chauncey C. Mayfield and his firm, MayfieldGentry Realty Advisors, were accused of siphoning money from the Detroit Police and Fire Retirement System in 2008, the agency said in a statement today citing a complaint filed in federal court in Michigan. Four other MayfieldGentry executives were accused of trying to cover up the theft, the agency said in the statement.

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