No jail time or probation for former New York State Common CIO
By Bloomberg | October 9, 2012 3:53 pm
David Loglisci, former chief investment officer of New York’s pension fund, was sentenced to a conditional discharge for his role in a kickback scheme that sent former state Comptroller Alan Hevesi to prison.
State Supreme Court Justice Lewis Bart Stone imposed the sentence Tuesday in Manhattan, a clerk for the judge said. Mr. Loglisci pleaded guilty in March 2010 to violating the state’s general business law, a felony, and faced as long as four years in prison.
A conditional discharge is a sentence that allows a defendant to be released from jail without Department of Probation supervision and requires compliance with conditions set by the court, according to the website of the New York State Unified Court System.
At his guilty plea, Mr. Loglisci said he sometimes ceded his authority to Henry “Hank” Morris, Mr. Hevesi’s former top political adviser. Mr. Morris pleaded guilty in November 2010 and was sentenced to prison for as long as four years in February 2011 after admitting that the investment process at the $146.5 billion pension fund was manipulated to benefit him, his associates and contributors to Mr. Hevesi’s campaign.
James Freedland, a spokesman for New York Attorney General Eric Schneiderman’s office, declined to comment on the case in an e-mail. Kevin Keating, an attorney representing Mr. Loglisci, didn’t immediately return telephone and e-mail messages seeking comment.
Mr. Hevesi, a Democrat who as state comptroller was the sole trustee of the state’s pension fund, pleaded guilty in October 2010 to approving a $250 million pension investment in exchange for a $1 million kickback. He was sentenced to as many as four years in prison in April 2011.
Mr. Hevesi resigned in 2006 as part of a separate plea deal struck after he assigned a state employee to be the chauffeur for his ailing wife.