From colleague Andrew McIntosh's report in today's Bee on CalPERS' board member Charles Valdes:
... his campaign account is being scrutinized by the Fair Political Practices Commission's enforcement arm after a state auditor raised issues during a mandatory review, FPPC Executive Director Roman Porter said.
The campaign account "is now under investigation. I anticipate it being concluded soon," Porter told The Bee, refusing to say anything more.
Valdes did not return repeated calls for comment.
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IMAGE: Charles Valdes, 2005 / Sacramento Bee, John Decker