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Pension Fund Probe Now With Former Senator, Israeli Company
By
Jen Chung
Published Apr 24, 2009
Modified Apr 24, 2009
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By
Jen Chung
Published Apr 24, 2009
Modified Apr 24, 2009
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Well, of course, the state pension fund probe was bound to tangle more people in its web, but now a former U.S. Senator? Former senator Robert Torricelli of NJ was questioned by NY State authorities back in 2007 over his work at an investment firm Searle where Hank Morris—former aide to former State Comptroller Alan Hevesi and recently indicted for taking millions in fees to place investment firms with pension funds—also worked. A spokesperson for Torricelli, who is a licensed broker-dealer, said, "Senator Torricelli is a private businessman. The securities firm where he’s registered properly documents and discloses all information as required by law," and his lawyer pointed out that Torricelli left Searle after the questioning. Internationally speaking, the Post reports that Israeli company Giza Venture Capital paid fees to an LA-based placement firm for getting Giza to manage $20 million of state pension money—but investigators are wondering if the LA firm then paid Searle.
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state pension scandal
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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