NY Pension Fund Manager Charged In Massive Bribery Scheme Involving Crack And Hookers

According to CNN Money, Navnoor Kang, a 38-year-old former portfolio manager at the New York State Common Retirement Fund was indicted on Wednesday for accepting various bribes, include crack cocaine, a $4,200 Hermes bracelet, a $17,400 luxury watch, ski vacations in Utah, tickets to a Paul McCartney concert tickets worth $6,000 — along with prostitutes and cash.

Kang was the director of fixed income and head of portfolio strategy and oversaw more than $2 billion of fixed-income business.

The NY State Common Retirement Fund also happens to be the third-largest pension fund in the country and manages assets for the more than one million firemen, police officers and other government workers.

Preet Bharara, the U.S. Attorney for the Southern District, also charged two broker-dealers, Deborah Kelley and Gregg Schonhorn, for paying these secret bribes between 2014 and 2016 in exchange for the retirement fund's business which generated millions of dollars of commissions.

"The hard-earned pension savings of New Yorkers should never serve as a vehicle for corrupt, personal enrichment," Bharara said in a statement.

Schonhorn has already plead guilty in a Manhattan federal court and is cooperating with the authorities. However, it is unclear at which broker firm he was working.