Navnoor Kang, an Indian origin, director and strategist at the New York State Common Retirement Fund (NYCRF), has been charged in a prostitutes and drugs bribery scheme involving billions of dollars in business.
Navnoor Kang has “allegedly steered billions of dollars of business to broker-dealers who had bribed him with luxury vacations, high-priced watches, drugs, cash and more”, Preet Bharara, the New York Federal prosecutor, said.
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Court documents listed the services of prostitutes and strippers, “night club bottle service” and a Panerai watch worth $17,420 were among the bribes allegedly received by Kang. He was arrested in Portland in Oregon state and is to be produced before a federal judge there, Bharara said.
According to court documents, Kang had colluded with employees of at least two brokerages and diverted the business from the NYCRF in exchange for bribes. The two companies, not identified, did not do any business with NYCRF in 2013. But by 2016 their combined annual volume of business has rosed to $2.557 billion after Kang started sending them business.
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Prosecuters said that, one brokerage employee, Deborah Kelley, is charged in the same case as Kang. Both of them face charges of fraud, conspiracy, obstruction of justice and “wire fraud” for electronic transfer of funds. They may get a maximum sentence of 20 years in prison. Kelley is alleged to have paid for the concert ticket and holidays of Kang. In one of which his former girlfriend has went along.
The employee of the other company, Gregg Schornhorn, is charged in a separate case. Bharara said that last week he has admitted that he is guilty of fraud and obstructing justice.
Prosecutors said Schornhorn had presented Kang with the Panerai watch and paid for the prostitutes and strippers and has used WhatsApp to communicate to prevent the law enforcement forces from monitoring them.
When Kang was working with another company, Schornhorn had presented him with a Rolex watch costing $8,000, prosecutors said.
By Premji
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