Sunday, 25 January 2015
Last updated 2 days ago
Dec 14 2012 | 10:43am ET
Alan Hevesi, the former New York State Comptroller who presided over a pay-to-play scandal at the state's top pension fund, has been released from prison.
Hevesi spent 20 months in a medium-security facility in Marcy, N.Y., for his role in the scandal after pleading guilty to official corruption in 2010. He admitted that he approved a $250 million investment by the New York State Common Retirement Fund in private equity firm Markstone Capital Group in exchange for $1 million in benefits from that firm's then-chairman, Elliott Broidy.
The 72-year-old was sentenced to up to four years in prison last April, but won parole last month.
"I'm very, very happy to be home with my family," Hevesi told reporters outside of his Queens, N.Y., home yesterday.
Hevesi was one of a number of people to plead guilty in the wide-ranging scam, which engulfed several prominent alternative investment funds.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…