(Bloomberg) -- A senior investment manager for New York’s statepension fund accepted bribes includingdrugs, prostitutes and tickets to a Paul McCartney concert from twobrokers in exchange for millions of dollars in fixed-incomebusiness from the fund, prosecutors said.
Navnoor Kang, who served as the New York State CommonRetirement Fund’s director of fixed income and head of portfoliosecurity, was charged along with the two brokers, Deborah Kelleyand Gregg Schonhorn, according to court documents filed Wednesdayin Manhattan federal court.
The case exposes the seamy side of the management of pension money, where investment professionalssometimes engage in so-called pay-to-play tactics to win lucrativecommissions.
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