The Securities and Exchange Commission today charged New York's former deputy comptroller and a chief political adviser for extracting millions of dollars in kickbacks from investment management firms seeking to manage the assets of New York's largest pension fund.
The SEC's complaint alleged that Henry "Hank" Morris, the top political advisor and chief fundraiser for former New York State Comptroller Alan Hevesi, and David Loglisci, former deputy comptroller and chief investment officer of the New York State Common Retirement Fund, orchestrated a fraudulent scheme from 2003 through late 2006 involving the New York State Common Retirement Fund.
Loglisci caused the fund to invest billions of dollars with private equity firms and hedge fund managers who together paid millions of dollars in the form of bogus "finder" or "placement agent" fees to obtain investments from the fund, the SEC said. Morris made more than $15 million in such fees.
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