New Mexico investment panel approves pay-to-play settlements
SANTA FE, N.M. (AP) — New Mexico’s State Investment Council has approved two settlements that will allow the state to recover another $850,000 in connection with politically influenced investment deals brokered during the administration of former Gov. Bill Richardson.
The Albuquerque Journal reports that will bump the total amount recouped by the state to more than $41 million. The council has entered more than a dozen settlements with financial firms and investment consultants as part of its legal effort.
Under the latest agreements, the council agreed to drop legal claims against two outside firms.
The settlements hinge on payments made more than a decade ago to Marc Correra, a politically connected placement agent. One firm, HM Capital, was a Dallas-based investment manager that got a $30 million investment deal with the state. The other, Cabrera Capital Markets, worked with Correra.
Information from: Albuquerque Journal, http://www.abqjournal.com