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Whistleblower alleges SDIC internal-control collapse and criticizes FY2025 audit
Summary
A former South Dakota Investment Council senior investment manager told GOAC she was fired after reporting alleged internal-control failures and said her complaint to the auditor general was not investigated; committee members said eBoard and SDIC matters follow separate protocols and that agencies will need to respond through appropriate channels.
Former South Dakota Investment Council (SDIC) senior investment manager Renee Bridal testified during public comment that she was fired on May 30, 2025 after reporting what she described as a collapse of internal controls and possible fraud at SDIC.
Bridal said she submitted a fraud report and supporting documents to the Department of Legislative Audit before the fiscal year closed and that the auditor general acknowledged receipt of the materials. "This fiscal year 2025 legislative audit is not legitimate in my view," she told the committee, adding she had posted evidence online and urged the auditors and the legislature to investigate.
Committee members said the GOAC staff and auditor general reviewed submitted documents but noted that some matters that involve the eBoard and SDIC follow separate procedures and that the external entity (eBoard/SDIC) and appropriate oversight channels would need to address employment and investment governance questions. Russell Olson confirmed his office had received materials and said the auditor general's office will follow its processes for review and referral as appropriate.
The chair said public testimony had been noted and that specific investigatory or employment matters may proceed through the eBoard and other statutory channels rather than GOAC itself.
