New Mexico CIO Resigns With Links to Pay-To-Play Scandal
Gary Bland, State Investment Officer of New Mexico State Investment Council, has resigned from his role, a move likely related to his fund’s dealing with Aldus Equity's Saul Meyer, the investment pro who pled guilty to fraud in securities transactions in New York and New Mexico. In court, Meyer admitted to wrongdoing as an adviser to New Mexico's pension fund: Contrary to my fiduciary duty, I ensured that Aldus recommended certain proposed investments that were pushed on me by politically connected individuals in New Mexico. I did this knowing that these politically connected individuals or their associates stood to benefit financially or politically from the investments and that the investments were not necessarily in the best economic interest of New Mexico. In addition to Aldus Equity, New Mexico has ties to Searle & Co., the advisory firm of indicted placement agent Henry Morris. Quadrangle Group and Carlyle Group used Searle to get investments from New Mexico.
