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Tuesday, October 6, 2009

New York Pension Fraud Case: Liberal Party Leader, Investment Adviser Plead Guilty

Breaking news this afternoon in the New York pension fund scandal which has been the subject of parallel federal and state criminal investigations.

The New York State investigation, brought by Attorney General Andrew Cuomo, has yielded guilty pleas today from
  • former Liberal Party chieftain Raymond Harding, who was perhaps the major player in city politics during the Rudolph Giuliani administrations; and
  • Saul Meyer, an investment adviser.
These are pleas to state charges of securities fraud.

For a breaking news link, click here.

The story references a political adviser to former State Comptroller Alan Hevesi (pled guilty to an unrelated felony and resigned a few years ago, and who is reportedly a target of at least one investigation into the pension fund scandal).    Hevesi has not been charged.   Not yet.

This adviser is likely Hank Morris, a well-known political consultant.   Morris has been charged; he was indicted earlier this year.

There is also a reference to New Mexico pension funds.   There is a parallel -- and now seemingly connected, but distinct -- scandal and investigation into New Mexico pension funds.  

One possible connection of the dots:  Obama's initial nominee to be Secretary of Commerce, former Senator, New Mexico governor and 2008 presidential candidate Bill Richardson, suddenly and inexplicably resigned just weeks before Obama's inauguration.   Some reports have tied him in with the New Mexico scandal, but he has not been charged or implicated.   Not yet.

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