Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Guilty Plea in NYS Pension Probe
Friday, December 04, 2009
New York, NY –
An investment manager has pleaded guilty to bribing managers of New York State's pension fund, in order to get its business. Elliott Broidy, chairman of Markstone Capital Partners, made nearly $1 million in gifts to state workers and their families. WNYC's Lisa Chow reports.
REPORTER: New York Attorney General Andrew Cuomo says Broidy paid rent and living expenses for one state employee's girlfriend. He paid for trips to Italy and Israel for another employee's family.
Cuomo only named one of the four state workers who received payments. David Loglisci, the public pension fund's chief investment officer from 2004 to 2008, who already faces several criminal charges.
CUOMO: 300,000 was paid to finance the Loglisci family movie termed chooch.
REPORTER: In exchange, Broidy's private equity firm won $250 million in pension fund investments. Broidy could face up to four years in prison. For WNYC, I'm Lisa Chow.