Investment exec to pay $20M in NY pension scandal

AP News
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Posted: Dec 09, 2009 1:19 PM

An investment executive who was linked to a corruption scandal at New York state's public pension fund has agreed to pay $20 million in restitution.

Attorney General Andrew Cuomo said Wednesday that the settlement will allow Riverstone Holdings founder David Leuschen (LOO'-shehn) to avoid further legal problems from the investigation.

Investigators say Leuschen improperly curried favor with pension fund officials as his company sought a $150 million investment deal with the state.

Among other things, they say he invested $100,000 in a low-budget film called "Chooch." It was produced by the brother of the pension fund's chief investment officer.

Riverstone said in a statement that it was pleased to resolve the matter.