December 21, 2016 / 2:59 PM / 10 months ago

U.S. brings charges over pay-to-play scheme at New York pension fund

NEW YORK, Dec 21 (Reuters) - 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

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