An ex-state official accused of accepting more than $100,000 in bribes to push business toward two financial firms pleaded guilty.
An ex-state official accused of accepting more than $100,000 in bribes — including cocaine and hookers — to push business toward two financial firms pleaded guilty to related charges on Wednesday.
Disgraced ex-state pension fund manager Navnoor Kang,37, copped to one count of conspiracy to commit securities fraud and one count of conspiracy to commit honest services wire fraud.
Prosecutors said Kang, who managed the investment of $53 billion in state pension money, steered some $3 billion into two firms after execs plied him with goodies from 2014 until February 2016 — when he was canned from his $166,464-a-year gig.
Kang’s lawyer, Tina Glandian, said he „pled guilty even though Mr. Kang’s investments proved to be very profitable for the New York State Common Retirement Fund and its members.“
„He has accepted responsibility for his failure to disclose gifts during his employment at the Fund,“ Glandian also said.
