Henry Morris, the chief political advisor to New York’s former comptroller, has been sentenced to four years in prison in a pay-to-play scandal, The Wall Street Journal reports. Morris was charged with exploiting his ties with Comptroller, Alan Hevesi, to reap the fees paid by firms seeking to invest in the state’s $132.8 billion New York Common Retirement Fund.
In November 2010, Morris pleaded guilty to felony and forfeited $19 million of the fees he was paid by investment firms and money managers, and was permanently banned from New York’s securities industry. The investigations carried out by New York Attorney General’s office and the U.S. Securities and Exchange Commission has secured agreements with over 12 firms, garnering more than $170 million for New York and the pension fund.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Pensions & Investments.