Steve Rattner, bribing folks to invest Quadrangle# Stock
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New York Attorney General Andrew Cuomo filed two lawsuits today accusing
Rattner of bribing folks to invest in his private-equity firm, Quadrangle.
Cuomo wants at least $26 million from Rattner and a lifetime ban from the
securities industry. Separately, the SEC announced today that Rattner agreed
to pay $6.2 million to settle similar charges. Rattner issued the following
statement:
While settling with the SEC begins the process of putting this matter behind
me, I will not be bullied simply because the Attorney General's office
prefers political considerations instead of a reasoned assessment of the
facts.
This episode is the first time during 35 years in business that anyone has
questioned my ethics or integrity – and I certainly did not violate the
Martin Act. That's why I intend to clear my name by defending myself
vigorously against this politically motivated lawsuit.
The suit alleges Rattner secured investments for Quadrangle by arranging for
a firm to distribute a movie produced by David Loglisci, the New York
retirement fund's chief investment officer, and his brothers. Rattner also
allegedly contributed $50,000 to the reelection campaign for former New York
Comptroller Alan Hevesi.
So far, Hevesi pleaded guilty to a corruption charge and agreed to cooperate
in Cuomo's investigation. In total, seven people – including Hevesi and
Loglisci – have pleaded guilty. Rattner hasn't, though he exercised his
Fifth Amendment right not to answer questions under oath 68 times.
Rattner of bribing folks to invest in his private-equity firm, Quadrangle.
Cuomo wants at least $26 million from Rattner and a lifetime ban from the
securities industry. Separately, the SEC announced today that Rattner agreed
to pay $6.2 million to settle similar charges. Rattner issued the following
statement:
While settling with the SEC begins the process of putting this matter behind
me, I will not be bullied simply because the Attorney General's office
prefers political considerations instead of a reasoned assessment of the
facts.
This episode is the first time during 35 years in business that anyone has
questioned my ethics or integrity – and I certainly did not violate the
Martin Act. That's why I intend to clear my name by defending myself
vigorously against this politically motivated lawsuit.
The suit alleges Rattner secured investments for Quadrangle by arranging for
a firm to distribute a movie produced by David Loglisci, the New York
retirement fund's chief investment officer, and his brothers. Rattner also
allegedly contributed $50,000 to the reelection campaign for former New York
Comptroller Alan Hevesi.
So far, Hevesi pleaded guilty to a corruption charge and agreed to cooperate
in Cuomo's investigation. In total, seven people – including Hevesi and
Loglisci – have pleaded guilty. Rattner hasn't, though he exercised his
Fifth Amendment right not to answer questions under oath 68 times.