Daley Nephew Quits Embattled Investment Firm

By Kevin Robinson in News on Jun 11, 2009 3:40PM

Mayor Daley's nephew Robert Vanecko announced his resignation Wednesday from DV Urban Realty, the real estate investment firm that is the subject of a federal investigation. DV Urban Realty, which is headed by Vanecko and City Hall insider Allison Davis, has come under scrutiny recently for nearly $70 million in investments it's obtained from five city pension funds, including police, teachers, laborers, municipal workers and CTA employees. Federal prosecutors, working with Chicago Inspector General David Hoffman, subpoenaed records related to those investments almost two weeks ago.

Vanecko said in a statement that his resignation was not related to the investigation. "Robert felt it was the best way to further the important work of the partnership while minimizing unwarranted distractions from our core purpose," said the statement. The investigation, however, has underscored tensions within the Daley family and feelings of embarrassment in the mayor. Although Daley has publicly said he's alright with the investigation, he's been noticeably absent from the public eye recently. All of which has led our friend Carol Marin to wonder about Daley's boasts that Chicago is "more transparent than any other government."

Micah Maidenberg at the Chicago Journal has an interesting piece about Allison Davis's experience with real estate in the South Loop.

Photo by JOE M500