NY Pension Exec Took Bribes to Steer $2 Billion

NEW YORK (AP) -

A former top official at the country’s third-largest pension fund and two broker-dealers were charged Wednesday in what a federal prosecutor described as a classic bribery scheme that steered $2 billion in trades in exchange for more than $100,000 worth of trips, gifts, luxury hotel stays and other payoffs.

Navnoor Kang, the ex-head of the $184 billion New York State Common Retirement Fund’s fixed income trades, was arrested along with broker-dealers Deborah Kelley and Gregg Schonhorn.