December 21, 2016
Posted January 13, 2017
The SEC announced fraud charges against Navnoor Kang, the former Director of Fixed Income for the New York State Common Retirement Fund, and Greg Schonhorn and Deborah Kelly, registered representatives of two different broker-dealers. According to the SEC’s complaint, Schonhorn and Kelly orchestrated a pay-to-play scheme in which Kang steered billions of dollars in pension business to certain firms in exchange for luxury gifts, lavish vacations, and tens of thousands of dollars spent on hotel rooms, restaurants, cocaine, and prostitutes. SEC
Tagged in: Financial and Investment Fraud, Financial Institution Fraud,