A Wall Street executive was fined $100,000 for his role in a pay-to-play scheme involving the New York state pension fund.
Investment banker John Paulsen fudged an expense account so it wouldn’t look like his brokerage firm had paid for a ski trip for a prized client, Navnoor Kang, former head of fixed income and portfolio strategy at the New York State Common Retirement Fund. Gifts from Wall Street firms to pension fund officials are illegal, though there is a lengthy history of them.
Kang pleaded guilty in 2018 to accepting bribes and served 21 months in prison. Paulsen’s colleague, Deborah Kelley, pleaded guilty to conspiracy and was
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