SEC today sued New York money manager Alan B. Bond, charging he...

SEC today sued New York money manager Alan B. Bond, charging he received around $7 million in kickbacks from three brokerage firms in connection with his management of pension funds, including those of the National Basketball Association, the Washington Metropolitan Transit Authority and the City University of New York. Also today, the U.S. Attorney for the Southern District of New York filed criminal charges against Mr. Bond, formerly president and chief executive of Bond, Procope Capital Management; and Robert I. Spruil, a co-defendant. Late last year, Mr. Bond bought Bond, Procope and renamed it Albriond. The SEC’s lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges that between September 1993 and November 1998, Mr. Bond received kickbacks in exchange for directing trades to the former brokerage firms through his money management firm, and used the money to pay for his extravagant lifestyle, including 75 luxury and antique automobiles, real estate in Florida and shopping sprees at department stores. The SEC lawsuit seeks permanent injunctions, repayment of the money, and prejudgment interest and civil penalties.