Free Republic

Reporting from Los Angeles and Sacramento -- An ongoing investigation into pension fund corruption across the country intensified Friday as California Atty. Gen. Jerry Brown directed subpoenas at politically connected firms and individuals, according to sources familiar with the investigation. Brown issued the subpoenas as part of a probe into "placement agents" who help secure pension fund investment contracts for their clients in return for large sums of money, often millions of dollars. The subpoenas seek information on the use and disclosure of placement agents and potential conflicts of interest, said sources who spoke on the condition of anonymity because...

A San Marino businessman with long-standing connections to Los Angeles City Hall has pleaded guilty to criminal securities fraud as part of a probe of alleged pay-to-play corruption at a New York state government pension fund, prosecutors said Tuesday. Julio Ramirez Jr., a former employee of Wetherly Capital Group, a Los Angeles investment marketing firm, allegedly gave kickbacks to a top political advisor of former New York Controller Alan Hevesi. The fees, paid secretly to Henry "Hank" Morris, helped make certain that the New York State Common Retirement Fund would invest with Wetherly clients, New York Atty. Gen. Andrew Cuomo...