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Ex-State Comptroller Hevesi May Plead Guilty In Pension Case
By
Jen Chung
Published Sep 29, 2010
Modified Sep 29, 2010
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By
Jen Chung
Published Sep 29, 2010
Modified Sep 29, 2010
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Former NY State Comptroller Alan Hevesi resigned in 2007 because it was discovered he used state vehicles to chauffeur his sick wife around. Now he's expected to plead guilty to charges that his office gave state pension business to investment firms that would give his team, family and friends kickbacks and fees. Albany—forever stinky!
In mid-2007, Attorney General Andrew Cuomo announced that he was investigating how the $157 billion NY State pension (the 2nd biggest in the country) was being shopped around to investment firms, who get lucrative management fees. (One issue with the NY State pension fund is that it's overseen by one person, while other state pension funds have a board of managers.) Hevesi denied the charges, though his deputies have fallen in recent years, but now sources tell the local papers that he's been in talks with authorities. One tells the Post, "There’s no deal. It’s close. Either there is a deal or it’s not done. And it’s not done."
The Daily News sums up where the investigation has gone lately:
Until recently, Cuomo's pension fund probe had only touched Hevesi on the periphery - although almost all of his top aides were indicted, pleaded guilty or cooperated with probers.
Investigators revealed in June court papers that Hevesi met regularly to discuss pension fund business with his political guru Hank Morris, who was charged in a 123-count indictment for his role in the pay-to-play scheme.
Morris was "intimately involved in the day-to-day business" of the pension fund, court papers allege.
Firms wanting to do business with the fund were often forced to fork over campaign donations or kickbacks to Morris.
Israeli investor Elliott Broidy, who has pleaded guilty as a result of the scandal, admitted providing luxury overseas trips to a top controller official and his family.
Sources say that was Hevesi.
Tagged
alan hevesi
guilty plea
kickbacks
pay-to-play
pension fund scheme
state pension fund
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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