Ex-PE Firm Head Ducks Prison For Pay-To-Play Scam Role

Law360, New York (November 27, 2012, 5:23 PM EST) -- A New York state judge said Monday that the ex-chairman of Markstone Capital Group LLC, convicted for his role in a “pay-to-play” scheme involving New York's largest pension fund, could walk without any prison time, after downgrading his felony conviction to a misdemeanor.

Elliott Broidy, the founder of Los Angeles-based Markstone, pled guilty in 2009 to allegations that he won $250 million in investments from the New York State Common Retirement Fund after giving state officials nearly $1 million in illegal gifts.

Broidy was looking at...
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