Cuomo Issues Subpoenas in Pension Fund Investigation

Attorney General Andrew Cuomo has announced he is issuing subpoenas to more than 100 investment firms and their representatives. It's a new line of inquiry in the fast-moving investigation into alleged corruption at the New York State and City pension funds.

In a conference call today, Cuomo said he has learned that over the past six years close to half of all the middlemen representing investment firms were not registered.

CUOMO: Well if you weren't a federally registed broker, what were you?

Cuomo believes federal and state laws require middlemen to register as securities brokers with the Securities and Exchange Commission, if they wish to solicit business with the pension funds.

Cuomo says he sees a nationwide pattern abuse of the system, and is holding a conference call this afternoon with Attorneys General in several other states.