Thu, Sep 29, 2016
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. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style