Pay-To-Play Official Released From Prison

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.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note