Pay-To-Play Official Released From Prison

Dec 14 2012 | 11:43am 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: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of