Saul Meyer, founder of pension consultant Aldus Equity Partners, was spared prison or probation for his role in a pay-to-play scheme involving the $150.1 billion New York State Common Retirement Fund, Albany.
State Supreme Court Justice Lewis Bart Stone in Manhattan on Wednesday imposed the sentence, called conditional discharge, saying Mr. Meyer’s cooperation with investigators was instrumental in uncovering wrongdoing and securing convictions.
“What you did obviously was unacceptable, but you made up for it by cooperating,” Mr. Stone said. “I don’t think there is any value in incarceration at this point.”
Former New York Attorney General Andrew Cuomo, now the state’s governor, started a probe in 2007 of the pension fund. Mr. Meyer is one of eight people who pleaded guilty in connection with the investigation. They included former state Comptroller Alan Hevesi, who was sentenced last year to as many as four years in prison. Mr. Hevesi was granted parole in November and might be released as soon as this month.