Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, April 15, 2011

Former NY Comptroller Sentenced for Pay-to-Play Pension Fund Scheme

Alan Hevesi, former Comptroller of the State of New York, was sentenced to a term of one to four years in prison, the maximum sentence available by law. In October 2010, Hevesi pleaded guilty to a felony charge of receiving reward for official misconduct, for receiving nearly $1 million in gifts in exchange for improperly favoring and approving $250 million in pension fund investments in private equity fund Markstone Capital Partners, L.P.

Today’s sentencing decision was the second stemming from the long-running investigation by the New York Attorney General’s Office into corruption involving the Office of the New York State Comptroller and the state pension fund.  Last month, Hevesi’s former political advisor, Henry “Hank” Morris, received the maximum allowable sentence of one to four years in prison after pleading guilty to a Martin Act felony charge for his role in the pay-to-play scandal.

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