Placement Agents Under Fire In NY Pension Scandal

Law360, New York (April 22, 2009, 12:00 AM EDT) -- New York City and state officials are taking swift action to halt the use of placement agents in connection with investment of public pension fund money, as the New York attorney general’s office announced its intent to investigate a system it calls “fraught with peril and prone to abuse.”

Following weeks of emerging scandal about alleged pay-to-play schemes perpetrated by the administration of former New York State Comptroller Alan Hevesi, current state comptroller Thomas DiNapoli announced he has banned the use of placement agents, paid intermediaries...
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