Cameron Hayes Cox, a former investment analyst for the $17.7 billion Utah Retirement Systems, Salt Lake City, was sentenced to one year in federal prison for seeking a $150,000 kickback from a hedge fund seeking to manage money for the system.
Mr. Cox pleaded guilty to wire fraud in a plea agreement in U.S. District Court in Salt Lake City and was sentenced Tuesday by Judge Dale Kimball, who also ordered Mr. Cox to serve 36 months of supervised release upon completing his prison sentence, according to a news release from the Salt Lake City office of the FBI.
Mr. Cox admitted in his plea agreement that in November 2009 he tried to get a London-based hedge fund to pay him to ensure the system would hire the firm to manage $50 million, according to the FBI, which did not name the firm.
“Once propositioned, the London investment manager notified URS who notified federal law enforcement officials,” according to the news release. “Thereafter, hedge fund officials cooperated with the FBI’s effort to conduct a sting operation.”
Law enforcement officials believe Mr. Cox operated alone and no other system officials were involved.
A Utah system spokesman could not be reached for comment.