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Two Arrested in State Pension Scam

2009_03_penscam.jpg A political consultant who used to work with Senator Schumer and former State Comptroller Hevesi and a former deputy State Comptroller were charged with 123 counts of enterprise corruption for allegedly taking over $30 million in state pension fund fees. NY1 reports that Hank Morris, the consultant, "is believed to have pocketed millions in middleman fees from financial firms that won business with the pension fund during Hevesi's tenure." The NY Post further explains that companies that won business from the state pension fund "paid a little-known Connecticut financial firm called Searle & Co. 'placement fees' - 95 percent of which went to Morris, officials said." David Loglisci, who used to work for Hevesi, was also charged.

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Comments [rss]

  • mtauser

    Searle & Co.

    333 Greenwich Ave.

    Greenwich, CT

    06830

    Different Searle & Co. Appears to just be a financial firm akin to Bernie Madoff Investment.

  • mtauser

    G.D. Searle & Company ?? Where Donald Rumsfeld's was that had ties back to AIG's CEO which gave out huge bonuses?

    Now I just connected the dots.

  • mtauser

    I think what upsets me is that these folks were hurting hard working state employees while leaching off the pension funds which are in very dire straights right now especially while we are in a budget crisis.

  • Brainwash

    They ere?

  • Outter Burrougher

    are "placement fees" ever legitimate? and if not, can we go after the companies who paid them as well?

  • Steven

    Corruption and scams still going strong.

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