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Two Arrested in State Pension Scam
By
Jen Chung
Published Mar 19, 2009
Modified Mar 19, 2009
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By
Jen Chung
Published Mar 19, 2009
Modified Mar 19, 2009
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A political consultant who used to work with Senator Schumer and former State Comptroller Hevesi and a former deputy State Comptroller were charged with 123 counts of enterprise corruption for allegedly taking over $30 million in state pension fund fees. NY1 reports that Hank Morris, the consultant, "is believed to have pocketed millions in middleman fees from financial firms that won business with the pension fund during Hevesi's tenure." The NY Post further explains that companies that won business from the state pension fund "paid a little-known Connecticut financial firm called Searle & Co. 'placement fees' - 95 percent of which went to Morris, officials said." David Loglisci, who used to work for Hevesi, was also charged.
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state pension fund
state pension fund scandal
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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