GUILTY: Ex-New York Investment Chief Admits To Role in Pay-to-Play Scandal
David Loglisci, former chief investment officer for the New York Common Retirement Fund, has pled guilty to felony charges related to the state's pay-to-play investment scandal. He also has agreed to cooperate with the ongoing investigation. For the uninitiated, Loglisci was part of the scheme that included infamous "finder" Hank Morris. Here's how it basically worked: A private equity firm would seek business from NYCRF. Loglisci would direct them to Morris, saying he was a NYCRF "gatekeeper." Morris then would agree to work with the firm, in exchange for a commission on any fund commitment secured from NYCRF. It does not appear that Loglisci necessarily received a cut of the proceeds personally, but he did get to maintain his position of CIO (because Morris was a political ally of Hevesi). Plus, some PE pros invested in a film being produced by Loglisci's brother. New York Attorney General Andrew Cuomo has scheduled a press conference for 11:30am ET, and we'll cover it as it happens (after the jump)...
