Former Chief Investment Officer Pleads Guilty to Corruption in Connection to N.Y. State Pension
Loglisci was charged in March 2009 for breaching his fiduciary duty.
March 11, 2010 at 07:00 PM
2 minute read
The original version of this story was published on Law.com
David Loglisci, former chief investment officer for the New York state pension fund, pleaded guilty March 10 to corruption and a violation of the state's general business law in relation to the fund. The retirement fund–the third-largest in the U.S.–was recently valued at $126 billion.
Loglisci was charged in March 2009 for breaching his fiduciary duty by giving authority to Hank Morris, former comptroller Allan Hevesi's political adviser. New York Attorney General Andrew Cuomo said Loglisci admitted to breaching his fiduciary duty and violating the public trust by allowing Hevesi to make investment decisions for the benefit of the comptroller.
Loglisci, who agreed to cooperate with Cuomo according to a plea agreement, was the sixth person convicted of fraud in the fund and could face a sentence of up to four years.
Loglisci was charged in March 2009 in a 123-count indictment, along with Morris, and was accused of enterprise corruption, official misconduct, and securities fraud, among other things. Loglisci did not benefit financially from the deals, but some of the equity firms did invest in a film that Loglisci's brother produced. Morris is said to have received more than $25 million in pension-related fees during the four years that he was Hevesi's political adviser.
In December 2006 Hevesi pleaded guilty to defrauding the government and agreed to resign from office for using state employees as drivers and personal aides to his disabled wife.
When he was indicted, his attorney, Irv Seidman, said that under Loglisci, the pension fund assets doubled from $90 billion to $180 billion.
Source: To read more about this story, click here: http://www.businessweek.com/news/2010-03-10/loglisci-pleads-guilty-in-pension-probe-court-document-shows.html
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllLululemon Faces Legal Fire Over Its DEI Program After Bias Complaints Surface
3 minute readOld Laws, New Tricks: Lawyers Using Patchwork of Creative Legal Theories to Target New Tech
Lawsuit Against Amazon Could Reshape E-Commerce Landscape
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250