Politics & Government
Cuyahoga County Ends Contract with Financial Network of America
Cut comes after owner pleaded guilty to bribing public officials.
Cuyahoga County is ending its contract with Financial Network of America after owner Charles Randazzo pleaded guilty to bribing public officials to get the county's business.
The Twinsburg-based company was one of three administrators for compensation retirement accounts for county employees.
The county is telling employees not to open new accounts with FNA, and is instead directing them to the Cuyahoga Commissioners Association of Ohio or the Ohio Public Employees Deferred Compensation Program.
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“Free tiki huts and fake palm trees will never again have a bearing on who gets county business,” Cuyahoga County Executive FitzGerald said in a release. “Our vendors will be selected based on merit, with no exceptions.”
The county will soon be issing requests for a new broker of record for existing employee accounts with FNA.
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