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Saturday, April 16, 2011

Pension Watchdog Gets Prison in Major Corruption Scandal

Former New York State Comptroller Alan Hevesi was sentenced to one to four years in state prison on corruption charges involving his stewardship of the state employees' pension system.

Hevesi, whose career in public service lasted 35 years until his resignation in 2006 after pleading guilty to a separate felony charge involving misuse of a state car to transport his disabled wife, will be up for parole in about 10 months and likely will be out of prison by this time next year.

The Hevesi scandal, which also brought down former political consultant Hank Morris, shows how the electorate needs to do its own "due diligence" on elected officials.  Particularly when those officials are not doing their own proper "due diligence" on investments and hedge funds which are the recipients of pension fund monies.

It is outrageous when the public needs a "watchdog" to watch over the people elected to serve in that very same "watchdog" role.

For more extensive coverage, check out a nice listing of stories compiled by iconoclastic New York political blogger VJ Machiavelli (aka Vampire J. Machiavelli).

Eric Dixon is a New York lawyer who has extensive experience in the federal securities laws.  Mr. Dixon handles business due diligence, corporate investigations and other complex investigative matters -- on either the "offense" or "defense" side depending on the client -- involving sensitive personal, business and political affairs. 

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