Sunday, 26 June 2016
Last updated 1 day ago
Mar 17 2014 | 3:40am ET
Two of the key players in a pay-to-play scandal that ensnared a number of hedge and private-equity funds have settled with the Securities and Exchange Commission.
Henry Morris and David Loglisci accepted industry bans in their deals with the agency. Five other defendants, including Julio Ramirez, a former broker who facilitated some of the kickback payments to Morris, also settled.
Morris was the top political adviser and chief fundraiser for former New York State Comptroller Alan Hevesi, and Loglisci a former deputy comptroller and chief investment officer of the New York State Common Retirement Fund. Both men, along with Hevesi, pleaded guilty to taking millions in kickbacks from hedge funds and private-equity firms seeking to do business with the pension fund.
While Morris and Loglisci both avoided jailtime, Hevesi spent 20 months in prison for his role.