What’s New York Got That New Mexico Hasn’t Got? Convictions.

By Corey Pein on February 12th, 2010

Today’s Albuquerque Journal has an update on the New Mexico corruption case that was prosecuted in New York. A subscription is required, but here’s the gist:

A financial firm that helped private companies get New York and New Mexico state investment money has agreed to get out of the placement business and will pay $1 million to the New York State Pension Fund.

California-based Wetherly Capital Group was active in New Mexico from 2003 until 2008, helping arrange five investments worth $145 million from the State Investment Council in three different funds.

The company also was involved in two investments worth $90 million made by the New Mexico Educational Retirement Board.

While New York prosecutors are managing to reclaim some public pension money lost in kickback schemes, their New Mexico counterparts have complained that they don’t have the time or resources to pursue such cases—even when the same companies are involved.

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Whistleblower’s Attorney Speculates Marc Correra Has Fled The Country

By Corey Pein on October 23rd, 2009

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 »

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