Key Takeaways
- • Campaign for Accountability filed a bar complaint with the Ohio Supreme Court seeking an investigation into whether former Ohio Deputy Treasurer Seth Metcalf should be disbarred over his role in the STRS retired teachers' pension fund scandal.
- • The complaint cites Ohio Rules of Professional Conduct 8.4(c) (dishonesty, fraud, deceit, or misrepresentation) and 8.4(h) (conduct adversely reflecting on fitness to practice law) and alleges Metcalf drafted board materials issued in the names of former STRS board member Wade Steen and board chair Rudy Fichtenbaum.
- • A Franklin County judge in February ordered STRS board chair Rudy Fichtenbaum removed immediately, and ruled that Fichtenbaum and Steen may never serve on the board again.
- • The state alleged the board members sought to steer 70% of STRS assets, roughly $65 billion, to startup QED Technologies, run by Metcalf and J.D. (Jonathan) Tremmel, which lacked a track record or clients, according to the Ohio Attorney General's office.
- • Metcalf's attorney, Lisa M. Zaring, said Metcalf denies any unethical conduct; the government brought no criminal or civil charges against him.
Summary
Campaign for Accountability, a nonpartisan watchdog, filed a grievance on a Monday 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 scandal involving the State Teachers Retirement System of Ohio (STRS). The complaint argues that his effort to obtain control over STRS assets appeared to violate Rule 8.4(c), which prohibits conduct involving dishonesty, fraud, deceit, or misrepresentation, and Rule 8.4(h), which bars conduct that adversely reflects on a lawyer's fitness to practice law.
The scandal centers on STRS board members and their relationship with QED Technologies, a startup investment firm run by Metcalf, a former Ohio Deputy Treasurer, and J.D. (Jonathan) Tremmel. According to the Ohio Attorney General's office, Fichtenbaum and Steen attempted to steer 70% of STRS assets, which total more than $100 billion and serve more than 500,000 active and retired educators, to QED. The state said Metcalf and Tremmel had "backdoor ties" and no track record, clients, or capability to invest the $65 billion they sought. In February, Franklin County Court of Common Pleas Judge Karen Held Phipps ordered Fichtenbaum removed immediately and barred him and Steen from the board permanently. Her decision found that the two acted as agents for undisclosed principals QED, Metcalf, and Tremmel, concluding that they were at best following Metcalf and Tremmel's directions and at worst were "mere puppets." She wrote that public confidence in STRS had "suffered greatly."
The complaint cites reporting from the same outlet, which found QED associates told Steen which questions to ask and supplied documents for him to propose. It also quotes trial evidence, including hundreds of text messages, showing that Metcalf drafted board memoranda, letters, and talking points issued in the names of Steen and Fichtenbaum, with document metadata confirming his authorship. During a week-long trial in fall 2025, Metcalf testified in defense of the board members and his actions, stating that he became involved because he believed STRS was not being honest about investment reports.
Metcalf's attorney, Lisa M. Zaring, said in a statement that he denies engaging in any unethical conduct and expects a confidential investigation to confirm he has done nothing inappropriate. The Office of Disciplinary Counsel will review the complaint within 90 days to determine whether a violation occurred. If found credible, a formal complaint would go to the Board of Professional Conduct of the Ohio Supreme Court, which would determine any sanctions, suspension, or disbarment. Separately, Metcalf faces litigation tied to an AI startup called OH.io, where Ratmir Timashev, a large Ohio State University donor, alleges roughly $8 million of company funding was spent improperly. Metcalf and the other defendants deny the allegations and have countersued for breach of contract.
The scandal centers on STRS board members and their relationship with QED Technologies, a startup investment firm run by Metcalf, a former Ohio Deputy Treasurer, and J.D. (Jonathan) Tremmel. According to the Ohio Attorney General's office, Fichtenbaum and Steen attempted to steer 70% of STRS assets, which total more than $100 billion and serve more than 500,000 active and retired educators, to QED. The state said Metcalf and Tremmel had "backdoor ties" and no track record, clients, or capability to invest the $65 billion they sought. In February, Franklin County Court of Common Pleas Judge Karen Held Phipps ordered Fichtenbaum removed immediately and barred him and Steen from the board permanently. Her decision found that the two acted as agents for undisclosed principals QED, Metcalf, and Tremmel, concluding that they were at best following Metcalf and Tremmel's directions and at worst were "mere puppets." She wrote that public confidence in STRS had "suffered greatly."
The complaint cites reporting from the same outlet, which found QED associates told Steen which questions to ask and supplied documents for him to propose. It also quotes trial evidence, including hundreds of text messages, showing that Metcalf drafted board memoranda, letters, and talking points issued in the names of Steen and Fichtenbaum, with document metadata confirming his authorship. During a week-long trial in fall 2025, Metcalf testified in defense of the board members and his actions, stating that he became involved because he believed STRS was not being honest about investment reports.
Metcalf's attorney, Lisa M. Zaring, said in a statement that he denies engaging in any unethical conduct and expects a confidential investigation to confirm he has done nothing inappropriate. The Office of Disciplinary Counsel will review the complaint within 90 days to determine whether a violation occurred. If found credible, a formal complaint would go to the Board of Professional Conduct of the Ohio Supreme Court, which would determine any sanctions, suspension, or disbarment. Separately, Metcalf faces litigation tied to an AI startup called OH.io, where Ratmir Timashev, a large Ohio State University donor, alleges roughly $8 million of company funding was spent improperly. Metcalf and the other defendants deny the allegations and have countersued for breach of contract.
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