Federal authorities allege that a former official at the pension fund for New York state public employees took bribes that included prostitutes, strippers, cocaine and a USD 17,000 wristwatch.
An indictment issued today accuses Navnoor Kang of accepting bribes totalling about USD 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, the US Open tennis tournament and a Paul McCartney concert.
Kang's attorney declined to comment.
The comptroller's office, which administers the New York State Common Retirement Fund, said it is "outraged" by Kang's alleged "shocking betrayal of his responsibilities". He was dismissed in February.
The pension fund serves more than one million retirees and other beneficiaries.
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