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SEC Charges Steven Rattner in Pay-to-Play Scheme Involving New York State Pension Fund

Thursday, November 18, 2010

Former auto czar Steven Rattner will pay $6.2 million as part of a settlement deal with the Securities and Exchange Commission. He has also accepted a two year ban from the securities industry.

The deal resolves the federal charges related to Rattner's alleged role in the New York State Pension pay-to-play scandal. The case has resulted in several criminal convictions including that of former New York State Comptroller Alan Hevesi.

Meanwhile, in separate proceedings, New York State Attorney General and Governor-elect Andrew Cuomo has filed two lawsuits against Rattner for $26 million dollars. 

Cuomo is also asking the court to permanently ban Rattner from doing securities work in New York State. In Cuomo's filing, the Attorney General alleges that Rattner was a central player in the  conspiracy. Rattner has always insisted he is innocent of any criminality.

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