Westport Advisers paid $437,500 to the $21 billion Connecticut Retirement Plans and Trust Funds, Hartford, to settle an ethics complaint related to the administration of former state Treasurer Paul Silvester, said Larry Landry, Westport CEO. The settlement also calls for Westport to pay a $2,000 fine to the Connecticut State Ethics Commission.
Westport didnt register as a lobbyist or file disclosure reports when it awarded Andrew Moses, a Silvester associate, a $1 million consulting contract to help the firm obtain a $100 million contract from the Connecticut system. That contract was to develop senior living facilities through the Westport Senior Living Investment Fund, a private equity fund.
Mr. Silvester, who pleaded guilty in 1999 to federal charges of racketeering and money laundering, is cooperating with authorities while awaiting sentencing. The firm did not admit to any wrongdoing, Mr. Landry noted.