Pay to play isn’t going away.
Law firms in Albuquerque, New York City and Washington, DC have joined to file a class-action lawsuit against former New Mexico Investment Officer Gary Bland and members of the Educational Retirement Board who participated in alleged pay-to-play schemes involving two out of state firms, Vanderbilt Capital and Aldus Equity.
The lead plaintiff, an ERB beneficiary and records tech at New Mexico State University named Donna J Hill, is among approximately 95,000 former educators who lost out when ERB trustees approved bad investments for political reasons, according to the lawsuit. The Vanderbilt investment alone lost pensioners at least $40 million.
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Tags: Aldus Equity, Anthony J Koenig Jr, Bruce malott, Donna J Hill, Douglas M Brown, Gary Bland, Jonathan W Cuneo, Kurt W Florian Jr, Mark E Bradley, New England Pension Consultants, Osbert M Hood, Patrick A Livney, pay-to-play, Pioneer Investment Management, Robert P Nault James R Stern, Ron D Kessinger, Saul Meyer, Stephen C Bernhardt, Vanderbilt Capital Advisors, Vanderbilt Financial, Vanderbilt Financial Trust, Veronica Garcia
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State whistleblower Frank Foy’s attorney, Victor Marshall, just sent around a note saying Foy was diagnosed with colon cancer last week. According to Marshall, Foy “is undergoing surgery this morning to remove a section of his intestine. We hope that he will be okay. The prognosis is uncertain.”
Foy was chief investment officer for the state Educational Retirement Board; his claims of impropriety have added weight to one of the larger pay-to-play scandals of Gov. Bill Richardson’s administration. Marshall also sends along the following update on Foy’s case, which alleges that a central figure in the scandals, Marc Correra, has “disappeared.” Continue reading »
Tags: Aldus Equity, Anthony Correra, Bill Richardson, Frank Foy, Gary Bland, Marc Correra, pay-to-play, Saul Meyer, Victor Marshall
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