Landmark Partners, Simsbury, Conn., and its chairman, Stanley Alfeld, agreed to pay the SEC a total of $150 million to settle a civil case stemming from the scandal involving former Connecticut Treasurer Paul J. Silvester and the $22 billion State of Connecticut Retirement Plans and Trust Funds, Hartford. The SEC claimed that in exchange for contracts awarded by Mr. Silvester, Landmark gave large finders fees to associates of Mr. Silvesters, including a $1.5 million finders fee to Ben Andrews, a former state NAACP chairman. Mr. Silvester awarded $150 million in pension contracts to Landmark between July and November 1998. Mr. Silvester, who pleaded guilty last year to federal charges of racketeering and money laundering, is cooperating with authorities while awaiting sentencing. Landmark and Mr. Alfeld have not been charged in the criminal probe.
State Treasurer Denise L. Nappier said Landmarks settlement "by no means concludes this issue for me. In recent months, we have stepped up our scrutiny of Landmarks oversight of the pension fund investments it manages to make absolutely certain that those funds are not jeopardized in any way.