New York Attorney General Andrew M. Cuomo has announced guilty pleas by Raymond Harding, former Chair of the New York State Liberal Party, and Saul Meyer, a founding partner of Aldus Equity, with respect to pay-to-play schemes involving the New York State Common Retirement Fund (“CRF”).
Harding admitted to participating in a scheme to corrupt the process of selecting investments at the CRF to favor political allies and friends, and faces up to four years in prison. Meyer plead guilty to a felony Martin Act charge involving the payment of illegal kickbacks in exchange for business with the CRF, and also faces up to four years in prison on the charge.
The guilty pleas arise out of a two-year, ongoing investigation by the Attorney General into corruption involving the CRF and the State Comptrollers Office. The New York State Comptroller is the sole trustee of the CRF, which is the largest pool of money in New York State and the third largest pension fund in the country.
Contributed by Kelly Lamendola, Esq.
McKenna Long & Aldridge LLP