Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Monday, May 20, 2024 | Back issues
Courthouse News Service Courthouse News Service

$5 Million Settlement in NY Pension Fraud

MANHATTAN (CN) - The SEC this morning charged the Quadrangle Group with paying kickbacks to get a $100 million investment from the New York State Retirement Fund. "The investment came only after a then-executive at Quadrangle arranged for an affiliate to distribute the DVD of a low-budget film that former New York State Deputy Comptroller David Loglisci and his brothers had produced," the SEC said.

Quadrangle Group and Quadrangle GP Investors agreed to settle the complaint and will pay $5 million, the SEC said.

The federal complaint claims that "the Quadrangle executive" also agreed to pay more than $1 million in "purported finder fees" to Henry Morris, the top political adviser and chief fund raiser for former New York State Comptroller Alan Hevesi.

The SEC already has charged Morris and Loglisci with arranging the scheme to take kickbacks from investment management firms that wanted a piece of the Retirement Fund's assets.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.