US - Former chief investment officer at the office of the New York State comptroller David Loglisci has pleaded guilty in the on-going investigation of pay-to-play kickback schemes at the New York State Common Retirement Fund (CRF).
Loglisci admitted he had used his position to make investment decisions benefiting the then state comptroller Alan Hevesi.
According to a statement by the office of New York state attorney general Andrew Cuomo, Loglisci "acknowledged abdicating his authority to Henry "Hank" Morris, the top political advisor to Hevesi, in order to help steer hundreds of millions of dollars worth of investment deals to Morris and to politically favored firms".
Cuomo said: "Not only were pension recipients defrauded but so were the taxpayers across New York who are ultimately responsible for sustaining the fund. A culture of corruption permeated the fund and shows how vulnerable it can be to graft and exploitation without dramatic reform."
Loglisci pleaded guilty before Justice Bart Stone in the State Supreme Court, New York County, and was released on his own recognizance with travel restrictions.
He faces a possible sentence of up to four years in prison, Cuomo's office said.
Loglisci was first accused last year together with Morris, whose indictment still remains pending.
The investigation into corruption at the CRF started two years ago and has led to a number of criminal charges. Loglisci is the sixth person to plead guilty after former Liberal Party chair Ray Harding, investment advisor Saul Meyer, hedge fund manager Barrett Wissman, unlicensed placement agent Julio Ramirez and venture fund manager Elliott Broidy. (Global Pensions, December 4, 2009)
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