US. N.Y. Pension Fund Manager Charged With Taking Bribes Pleads Guilty
A former portfolio manager at New York state’s retirement fund pleaded guilty to two counts of conspiracy on Wednesday after U.S. prosecutors accused him of steering more than $3 billion in trades to two brokerages in exchange for bribes that included vacations, cocaine and prostitutes.
Navnoor Kang, 37, former director of fixed income and head of portfolio strategy at the New York State Common Retirement Fund, entered his plea before U.S. District Judge Paul Oetken in Manhattan federal court, according to James Margolin, a spokesman for the prosecutors.
Each charge carries a maximum sentence of 20 years. Kang is scheduled to be sentenced by Oetken on Feb. 23. Lawyers for Kang did not immediately respond to a request for comment.
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