New York Pension Fund Consultant Pleads Guilty

The political consultant involved in the “pay to play” scheme at New York states’ public pension fund has agreed to plead guilty to a felony in the long running corruption investigation. The advisor, Henry “Hank” Morris, was accused of taking kickbacks, which were called placement fees, in exchange for funneling business to investment firms handling New York’s $125 billion Common Retirement Fund, one of the largest public funds in the country. Mr. Morris was accused of taking $19 billion in “placement fees.” His fate is yet to be determined, including whether he will be ordered to pay restitution.

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