Wed, Aug 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Seven defendants settle SEC fraud charges in NY Common Fund "Pay to Play" case

Tuesday, March 11, 2014

Komfie Manalo, Opalesque Asia:

The 'pay-to-play’ scheme involving the New York State's Common Retirement Fund, which was found out in 2009, is nearing closure.

United States District Judge for Southern District of New York Katherine Polk Failla rendered her final judgment against seven people accused in the scheme involving the Common Fund.

The SEC accused Henry Morris, the top political advisor to former New York State Comptroller Alan Hevesi, and David Loglisci, formerly the deputy comptroller and the Common Fund's chief investment officer, of securities fraud.

Morris and Loglisci were charged of orchestrating a scheme to extract sham finder fees and other payments and benefits from investment management firms seeking to do business with the Common Fund. The SEC charged seventeen defendants, including various nominee entities through which payments were funneled. The civil action had been postponed pending the outcome of the New York Attorney General's Office's parallel criminal action against some of the defendants charged by the SEC.

Morris, the former state comptroller's top political aide, and Loglisci were formally charged in March 2009.

New York Attorney General Andrew Cuomo charged that Morris had turned the state's $132b......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing – Hedge funds feasting on Apple again, Top U.S. hedge funds up Walgreen shares; lose some taste for Apple, A look at how some of the top investors, hedge funds spent the second quarter, Blockbuster movies fuel big wins for hedge fund investors, Top hedge funds flock into Allergan amid bid backed by Ackman, Soros Fund Management exits stake in some tech companies, Jana buys FMC stake, adds to AIG, exits Sirius in quarter[more]

    Hedge funds feasting on Apple again From Forbes.com: Robert Citrone and Phillippe Laffont are two of the most prominent Tiger Cubs, hedge fund managers who once worked for legendary money man Julian Robertson’s Tiger Management. Both of them had a rough start to 2014 and sold the bulk of

  2. Legal – Pershing Square sues U.S. over Fannie Mae and Freddie Mac, Elan investors sue SAC over insider-trading losses, Lawsuit loss by hedge fund is just a cost of doing business[more]

    Pershing Square sues U.S. over Fannie Mae and Freddie Mac From WSJ.com: William Ackman's Pershing Square Capital Management LP, which has taken sizable stakes in the common shares of Fannie Mae and Freddie Mac, filed a lawsuit Thursday against the U.S. government challenging its bailout

  3. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  4. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  5. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde