Pay-To-Play Scandal Snares Four More Firms
Andrew Cuomo has just announced that his office has settled with four more private equity firms, relating to a pay-for-play scandal at the New York Common Retirement Fund. The firms will "return" over $4.5 million related to their NYCRF investments, and also sign Cuomo's code of conduct that prohibits the future usa of placement agents when soliciting fund commitments from public pension systems. The four firms are: Falconhead Capital, HM Capital Partners, Levine Leichtman Capital Partners and Access Capital Partners. HM and Falconhead directly hired indicted "finder" Hank Morris, while Levine Leichtman and Access Capital hired other finds who allegedly split fees with Morris (apprently unbeknownst to the PE firms).
17 September 2009•8 mins read
