Fri. Jun 21st, 2024

NEW MEXICO’S STATE INVESTMENT COUNCIL HAS APPROVED SETTLEMENTS IN A DECADE-OLD SCANDAL

ALBQUERQUE (KSMX)- New Mexico’s State Investment Council has approved settlements in a decade-old scandal that involved politically influenced investment deals using state money. The Albuquerque Journal reports the council unanimously approved settlements Tuesday with Anthony Correra and his son Marc Correra, who shared in more than $22 million in fees charged to investment firms. Anthony Correra was a former confident of and unofficial adviser to then Gov. Bill Richardson, a Democrat, and former State Investment Officer Gary Bland. He agreed to pay $1 million to settle claims that he directed state investments through Bland to firms that paid fees to his son. His son has agreed to turn over $4.1 million from retirement accounts to a U.S. Bankruptcy Court to be used to settle claims. The settlement also allows $900,000 to be released from an escrow account.

The father and son have both agreed to never conduct business again in New Mexico.

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