NY State Pension Fund Fraud

I'm usually surprised at how cheaply people can be bought to enter into fraud. Preet Bharara, the United States attorney for the Southern District of New York, is a political appointee and the only Democrat in DoJ I'd recommend Trump keep.  He prosecuted one high ranking Republican in the NY state government.  But, he's going after many more Democrats, including several of the governor's cronies.  Perhaps, one crooked Republican politician was all he could find.

"A former portfolio manager who was responsible for investing $53 billion in New York State employee retirement funds took over $100,000 in bribes in exchange for steering more than $2 billion in fixed-income business to two brokers, earning them and their firms millions of dollars in commissions, federal authorities said on Wednesday.

They said the bribes paid to the former manager, Navnoor Kang, included a $17,000 Panerai watch, expenses associated with a ski trip to Utah, and other travel, as well as dinners at New York restaurants and tickets to the United States Open tennis tournament and Broadway shows. Crack cocaine and cash were also included, according to the indictment unsealed in Federal District Court in Manhattan.

The authorities also accused Mr. Kang, 37, and the two brokers — Gregg Schonhorn, 45, and Deborah Kelley, 58 — of agreeing to testify falsely when the Securities andExchange Commission began investigating the matter last year. The S.E.C. filed a civil complaint against the three defendants on Wednesday.

Preet Bharara, the United States attorney for the Southern District of New York, announced the charges at a news conference with William F. Sweeney Jr., who leads the Federal Bureau of Investigation’s New York office, and Andrew J. Ceresney, the enforcement director for the S.E.C.

“This was an age-old and classic tale of quid-pro-quo corruption,” Mr. Bharara said."

More at: http://www.nytimes.com/2016/12...te-pension-fund.html


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