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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......................

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