Manhattan federal prosecutors have charged a former portfolio manager at New York state’s pension fund with steering more than $2 billion in business to two brokerage firms in exchange for bribes including cocaine, cash, prostitutes, Paul McCartney tickets and luxury watches.
Wednesday’s indictment of former investment manager Navnoor Kang, along with charges against one of the brokers involved, Deborah Kelley, represents the latest “pay-to-play” scandal to strike the state’s pension fund, the nation’s third largest. A second broker, Gregg Schonhorn, pleaded guilty earlier this month for his role in the scheme.
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