COLUMBUS, Ohio — A watchdog organization has filed a bar complaint against former public official Seth Metcalf, asking the Ohio Supreme Court to investigate whether he should be disbarred for his role in the multi-billion-dollar retired teachers' pension fund scandal.
Campaign for Accountability (CfA), a nonpartisan organization whose website says it is dedicated to "exposing misconduct," filed a grievance Monday against Metcalf, arguing his "effort to obtain control over assets" at STRS seemed to go against two professional conduct rules.
The organization cited that Rule 8.4(c) prohibits conduct involving "dishonesty, fraud, deceit, or misrepresentation" and Rule 8.4(h) bans behavior that "adversely reflects on the lawyer’s fitness to practice law.”
In February, Franklin County Court of Common Pleas Judge Karen Held Phipps decided that STRS board chair Rudy Fichtenbaum should be removed immediately. The decision states that he and former board member Wade Steen will never be allowed on the board again.
RELATED: Judge removes retired teachers' pension fund leaders from board after corruption trial
The scandal centered on the board members and their relationship with startup investment firm QED Technologies, run by Metcalf, former Ohio Deputy Treasurer, and J.D. (Jonathan) Tremmel.
For three years, we have dug into — and exposed — the controversy swirling inside Ohio's more than $100 billion pension fund for more than 500,000 active and retired public educators.
In summary, the state accused Fichtenbaum and Steen of attempting to steer 70% of STRS assets to QED, a startup investment firm. The AG's office detailed how Metcalf and Tremmel have "backdoor ties" and no track record, clients or capability to invest the $65 billion they were seeking.
Our reporting, cited in the complaint, uncovered that QED associates consistently told then-board member Steen what questions to ask, gave him documents to propose, and pushed him to follow its plan. Our previous records requests exposed that QED, Steen and Fichtenbaum used the encrypted app Signal to communicate.
"Hundreds of text messages admitted at trial show that Mr. Metcalf drafted board memoranda, letters, and talking points issued in the names of Mr. Steen and Mr. Fichtenbaum, with document metadata confirming his authorship," the complaint states.
We have reached out to Metcalf for a response to this complaint.
During the week-long trial in the fall of 2025, Metcalf took the stand to defend the board members and his actions. Although he was accused of participating in the scheme, the government brought no criminal or civil charges against Metcalf.
During the trial, Metcalf explained how he got involved with QED after believing STRS was not being honest with investment reports and, subsequently, staff bonuses.
"I was concerned that STRS investment mismanagement had resulted in a decrease in benefits to Ohio teachers," Metcalf said while on the stand.
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The whistleblowers and STRS' legal team raised concerns that Steen and Fichtenbaum were too close to Metcalf.
"I am writing content as though I am Mr. Steen," Metcalf said during cross-examination.
The judge did not take kindly to this.
"In the end, the evidence presented in this case showed that Steen and Fichtenbaum were essentially acting as agents for their undisclosed principals: QED, Metcalf, and Tremmel," Held Phipps wrote in her decision.
Steen and Fichtenbaum caused the public confidence in STRS to "suffer greatly," and it will take an "untold amount of time to erase," the judge continued.
"At best, Steen and Fichtenbaum followed the directions of Metcalf and Tremmel and, at worst, were mere puppets of Metcalf and Tremmel," the judge wrote.
Metcalf should have his license looked into for his "solicitation," the complaint states.
"A lawyer who knowingly creates materials for the purpose of assisting fiduciaries deceive a decision-making body, and who furnishes material for those fiduciaries to present as their own, has actively participated in the deceit," the complaint said.
The Office of Disciplinary Counsel will review the complaint and decide within 90 days if the conduct violates the Rules of Professional Conduct. If credible, the ODC would then file a formal complaint with the Board of Professional Conduct of the Supreme Court. From there, the court would decide any repercussions, if warranted.
If the court finds that Metcalf did violate the code, he could face sanctions, suspension or disbarment.
Metcalf continues to face legal troubles, as he is currently in litigation against the owner of an AI startup company called OH.io, according to court documents.
Ratmir Timashev, one of OSU's largest donors, has sued him and other former employees in multiple venues, accusing them of "burning through $8 million of the company’s funding," on "extraordinary and unjustified spending, including excessive expenditures on entertainment, luxury travel, and other non-essential expenses such as bottle service, private helicopter rides, and luxury hotel stays — all to their own benefit," the federal lawsuit states.
Metcalf and the other defendants have also sued Timashev, citing breach of contract. They have denied all allegations.
Follow Statehouse and Columbus bureau reporter Morgan Trau on X, Instagram and Facebook. Email her at Morgan.Trau@wews.com.
