NEW YORK Dec 21 U.S. prosecutors on Wednesday
accused a former portfolio manager at New York state's
retirement fund of steering $2 billion in trades in exchange for
bribes from brokerage employees, in the latest pay-to-play case
to rock the fund.
Navnoor Kang, the ex-director of fixed income at the New
York State Common Retirement Fund, was charged in an indictment
filed in Manhattan federal court along with Deborah Kelley, a
former Sterne Agee Group Inc managing director. Gregg Schonhorn,
another broker-dealer whom prosecutors said paid bribes, was
charged in related court papers.
(Reporting by Nate Raymond and David Ingram)