State Investment Council Sues

Gary Bland

Capitol Report New Mexico - It’s been a Black Friday for Gary Bland, Marc and Anthony Correra and perhaps more former officials and friends of Bill Richardson’s administration. After more than a year of speculation, New Mexico’s State Investment Council (SIC) filed lawsuits in both federal and state district courts, charging that more than 15 people as well as an equity firm took part in kickbacks and ”pay to play” schemes between 2003 and 2009. The suits filed Friday (May 6) are looking for monetary damages and recovery of what SIC officials labeled as “ill-gotten gains” acquired “at the expense” of the SIC’s permanent funds, which currently exceed $15 billion in assets.

The SIC’s current investment officer, Steve Moise, said in a statement the council is looking to get back “millions of dollars improperly taken from the citizens of New Mexico … Quite simply, this is the right thing to do.” Gov. Susana Martinez also issued a statement, demanding all investment managers who entered into deals with the SIC using what’s called “third-party placement agents” should contact the state Attorney General’s Office and reveal the details of their arrangements “before the Attorney General knocks on their doors.” Read full story here: News New Mexico

State Investment Council Sues