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ARTICLE · 07 MAY 2009

Probe Into Placement Agent Practices Expands

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This past Friday, New York Attorney General Andrew Cuomo made two announcements regarding his expanding investigation of the pension fund industry.

United StatesStrategy
Proskauer'S Private Investment Funds Practice Group
Proskauer'S Private Investment Funds Practice Group
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This past Friday, New York Attorney General Andrew Cuomo made two announcements regarding his expanding investigation of the pension fund industry. First, in a press release on the Attorney General's web site [http://www.oag.state.ny.us/], Cuomo announced that his office has issued more than 100 subpoenas to investment firms and their placement agents with respect to investments made by the New York Common Retirement Fund (NYCRF) and various New York City public pension plans. Over the past few weeks, Cuomo's office has issued a 123-count indictment against two aides of former New York Comptroller Alan Hevesi (accompanied by an SEC civil complaint); charged the former head of a state political party with receiving illegal payments; and induced a felony guilty plea by a former hedge fund manager.

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