South Asian Views On Global News - Update 24X7

Ex-official pleads guilty to securities fraud


Securities fraud photo20171118122231_l

NEW YORK, NY — Federal prosecutors say a former official at the pension fund for New York state public employees, accused of accepting bribes that included vacations, cocaine, prostitutes, and a $17,000 wristwatch, has pleaded guilty to related charges.

Navnoor Kang Nov. 8 pleaded guilty to conspiracy to commit securities fraud and conspiracy to commit hones services wire fraud.

An indictment issued last year accused 37-year-old Kang of accepting bribes totaling about $100,000 in exchange for steering millions of dollars in business to two brokerage firms. It says the bribes included travel, a ski trip, and tickets to Broadway shows.

Kang was dismissed from the New York State Common Retirement Fund last February.

"He has accepted responsibility for his failure to disclose gifts during his employment at the Fund," said Kang’s lawyer, Tina Glandian.

The $184.5-billion Common Retirement Fund is the investment arm of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System. Kang worked there from January 2014 to February 2016 and was responsible for investing $53 billion in fixed income assets.

Replica of Print on your device!

CLICK & Send us 'hi' for Free Subscription

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept