Ex-NY pension fund official pleads guilty in bribery case
NEW YORK (AP) — Federal prosecutors say a former official at the pension fund for New York state public employees accused of accepting bribes that included prostitutes, strippers, cocaine and a $17,000 wristwatch has pleaded guilty to related charges.
Navnoor Kang on Wednesday pleaded guilty to conspiracy to commit securities fraud and conspiracy to commit hones services wire fraud.
An indictment issued last year accused 37-year-old Kang of accepting bribes totaling about $100,000 in exchange for steering millions of dollars in business to two brokerage firms. It says other bribes included travel, a ski trip, and tickets to Broadway shows.
Kang was dismissed from the New York State Common Retirement Fund last February.
“He has accepted responsibility for his failure to disclose gifts during his employment at the Fund,” said Kang’s lawyer, Tina Glandian.