Marc Correra is out as partner in Raton racino
By Trip Jennings 6/9/09 5:13 PM
This just in. Marc Correra, who shared in more than $15 million in
placement fees related to New Mexico investment deals, is out as a partner
of a Raton racetrack and casino.
Correra was an investor, but not any longer. The news comes from the
Associated Press and can be found on Steve Terrell's blog.
The AP story says the state's Gaming Control Board authorized a casino
license for a proposed racetrack in the northeastern New Mexico community
of Raton. But only after Correra said he was withdrawing his application
from the project.
The AP report goes on to say that a news release issued by the Gaming
Control Board indicates Correra has decided to focus on other business
opportunities.
Reporter Charles D. Brunt of the Albuquerque Journal was on the trail of
the story yesterday it seems based on a story in today's paper. Brunt's
story points out that Correra's name wasn't on today's Gaming Control Board
agenda, even though the Raton racetrack application for a license was.
Correra is the son of Gov. Bill Richardson friend and fundraiser ¡X Anthony
Correra. And Marc Correra's name has been much in the news of late.
Specifically the younger Correra has drawn the interest of state lawmakers
because of the $16 million or so that he has shared in finders' fees as a
third-party marketer on dozens of state investment deals involving the
State Investment Council and Educational Retirement Board over the past
half-dozen years, including an investment deal worth $90 million. The state
lost all $90 million.
Marc Correra is listed in a state document provided by Educational
Retirement Board as having marketed two investment deals for Chicago-based
Vanderbilt Financial Trust. Vanderbilt invested the state's $90 million in
collaterized-debt obligations, which ultimately tanked.
http://newmexicoindependent.com/29196/marc-correra-is-out-as-partner-in-raton-racino
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U.S. Subpoenas New Mexico Fund in Investments Probe (Correct) Share | Email
| Print | A A A By Martin Z. Braun (Corrects first name of lawyer in 12th
paragraph in story published May 14.) May 14 (Bloomberg) -- U.S.
prosecutors have subpoenaed New Mexico's $11.8 billion state endowment
funds for documents regarding investment activities, according to a state
spokesman. The New Mexico Investment Council, which includes Governor Bill
Richardson, received the request earlier this month, said spokesman Charles
Wollman, in a telephone interview. He declined to describe the contents of
the subpoena, issued by the U.S. Attorney in Albuquerque. The state's $6.3
billion teachers pension fund also received a federal subpoena, said
general counsel Christopher Schatzman, who declined to describe its
contents or to what it pertains. "We're working to comply with the request
of the authorities," Wollman said. "We'll be cooperating fully." The
Justice Department has been investigating whether a California financial
adviser was awarded $1.5 million in bond and interest-rate swap work in New
Mexico in 2004 in exchange for $100,000 in donations to Richardson
political committees. Richardson, who has denied wrongdoing, withdrew from
consideration as U.S. commerce secretary following disclosure of the probe.
Also today, The Carlyle Group, a Washington, D.C., private equity firm,
agreed to pay $20 million and adopt a code of conduct to resolve a New York
pension fund probe by state Attorney General Andrew Cuomo. Code
Restrictions The code bans investment firms from using middlemen to
negotiate with public pension funds to obtain investments. Firms will also
be prohibited from doing business with a public pension fund for two years
after the firm makes a campaign contribution to a public official who can
influence the fund's investment decisions. Money managers paid at least
$23.7 million to so-called placement agents who brokered investments with
New Mexico's endowment, according to a list distributed by the state
council. Almost half, or $11.5 million, was paid to firms that employed
Marc Correra. His father, Anthony, gave Richardson's 2002 campaign more
than $27,000 and served on a political action committee the governor set up
to register Hispanic and American Indian voters ['Moving America Foward'
inc: Mexican Government functionaries registering voter for U.S.
elections]. Correra was also a placement agent for eight of the 23 private
equity funds invested in by New Mexico's Educational Retirement Board, and
shared in $4 million of fees related to the investments. Unaware of
Payments Greg Kulka, who oversees private equity investments for the state
investment council said "in most cases" the staff was unaware of payments
to Correra. Schatzman has said the fund's staff never met with Correra or
were aware, at the time the fund approved the investments, that he was paid
as a placement agent. Correra's lawyer, Ronald L. Rubin at Tannenbaum,
Helpern, Syracuse & Hirschtritt LLP in New York, didn't immediately return
a call seeking comment. New Mexico's investment council last month fired a
private equity adviser under scrutiny in a kickback probe by Cuomo of New
York state's $122 billion pension fund, the third-largest system of its
kind. Aldus Equity Partners of Dallas, one of three firms that advised New
Mexico's endowment funds, was terminated over concerns that the council
wasn't informed of fees paid to middlemen, including an indicted political
adviser to former New York State Comptroller Alan Hevesi and to Hevesi's
son, Dan. Kickback Accusation Saul Meyer, 38, a managing partner at Aldus,
was accused by Cuomo and the U.S. Securities and Exchange Commission of
paying $320,000 in kickbacks to a shell company owned by Alan Hevesi's
political adviser Hank Morris to win business with the New York system.
Meyer has denied wrongdoing. Another broker paid by money managers to
arrange business with New Mexico's state funds, Julio Ramirez Jr., pleaded
guilty to securities fraud in New York's pension fund probe. Ramirez, a
former employee of Los Angeles-based Wetherly Capital Group entered into
corrupt arrangements with Morris to get investments from New York's pension
fund for clients of Wetherly, Cuomo said. Cuomo Allegation Ramirez, who
introduced Morris to Aldus's Meyer, also helped extract kickbacks from
Aldus, which sought New York state business, according to both Cuomo and
the SEC. Ramirez contributed $5,000 to New Mexico Governor Bill
Richardson's 2002 campaign for governor and another $5,000 to the same
political action committee on which Correra's father served as a board
member. G. Michael Bellinger, a New York attorney for Ramirez with the firm
Dorsey & Whitney LLP, said the U.S. Attorney hadn't subpoenaed his client.
The New Mexico eight-member investment council oversees the land grant,
severance tax and tobacco settlement funds. Richardson has ordered the
investment council to ban the use of third-party placement agents on
investments by the state's endowment. The state's Education Retirement
Board plans to enact a six-month ban on middlemen while it evaluates a
permanent ban and has terminated its contract with Aldus.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aOjlJDnPrc5c&refe...
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U.S. Subpoenas New Mexico Fund in Investments Probe (Correct)
Share | Email | Print | A A A
By Martin Z. Braun
(Corrects first name of lawyer in 12th paragraph in story published May
14.)
May 14 (Bloomberg) -- U.S. prosecutors have subpoenaed New Mexico's $11.8
billion state endowment funds for documents regarding investment
activities, according to a state spokesman.
The New Mexico Investment Council, which includes Governor Bill Richardson,
received the request earlier this month, said spokesman Charles Wollman, in
a telephone interview. He declined to describe the contents of the
subpoena, issued by the U.S. Attorney in Albuquerque. The state's $6.3
billion teachers pension fund also received a federal subpoena, said
general counsel Christopher Schatzman, who declined to describe its
contents or to what it pertains.
"We're working to comply with the request of the authorities," Wollman
said. "We'll be cooperating fully."
The Justice Department has been investigating whether a California
financial adviser was awarded $1.5 million in bond and interest-rate swap
work in New Mexico in 2004 in exchange for $100,000 in donations to
Richardson political committees. Richardson, who has denied wrongdoing,
withdrew from consideration as U.S. commerce secretary following disclosure
of the probe.
Also today, The Carlyle Group, a Washington, D.C., private equity firm,
agreed to pay $20 million and adopt a code of conduct to resolve a New York
pension fund probe by state Attorney General Andrew Cuomo.
Code Restrictions
The code bans investment firms from using middlemen to negotiate with
public pension funds to obtain investments. Firms will also be prohibited
from doing business with a public pension fund for two years after the firm
makes a campaign contribution to a public official who can influence the
fund's investment decisions.
Money managers paid at least $23.7 million to so-called placement agents
who brokered investments with New Mexico's endowment, according to a list
distributed by the state council.
Almost half, or $11.5 million, was paid to firms that employed Marc
Correra. His father, Anthony, gave Richardson's 2002 campaign more than
$27,000 and served on a political action committee the governor set up to
register Hispanic and American Indian voters ['Moving America Foward' inc:
Mexican Government functionaries registering voter for U.S. elections].
Correra was also a placement agent for eight of the 23 private equity funds
invested in by New Mexico's Educational Retirement Board, and shared in $4
million of fees related to the investments.
Unaware of Payments
Greg Kulka, who oversees private equity investments for the state
investment council said "in most cases" the staff was unaware of payments
to Correra.
Schatzman has said the fund's staff never met with Correra or were aware,
at the time the fund approved the investments, that he was paid as a
placement agent.
Correra's lawyer, Ronald L. Rubin at Tannenbaum, Helpern, Syracuse &
Hirschtritt LLP in New York, didn't immediately return a call seeking
comment.
New Mexico's investment council last month fired a private equity adviser
under scrutiny in a kickback probe by Cuomo of New York state's $122
billion pension fund, the third-largest system of its kind.
Aldus Equity Partners of Dallas, one of three firms that advised New
Mexico's endowment funds, was terminated over concerns that the council
wasn't informed of fees paid to middlemen, including an indicted political
adviser to former New York State Comptroller Alan Hevesi and to Hevesi's
son, Dan.
Kickback Accusation
Saul Meyer, 38, a managing partner at Aldus, was accused by Cuomo and the
U.S. Securities and Exchange Commission of paying $320,000 in kickbacks to
a shell company owned by Alan Hevesi's political adviser Hank Morris to win
business with the New York system.
Meyer has denied wrongdoing.
Another broker paid by money managers to arrange business with New Mexico's
state funds, Julio Ramirez Jr., pleaded guilty to securities fraud in New
York's pension fund probe.
Ramirez, a former employee of Los Angeles-based Wetherly Capital Group
entered into corrupt arrangements with Morris to get investments from New
York's pension fund for clients of Wetherly, Cuomo said.
Cuomo Allegation
Ramirez, who introduced Morris to Aldus's Meyer, also helped extract
kickbacks from Aldus, which sought New York state business, according to
both Cuomo and the SEC.
Ramirez contributed $5,000 to New Mexico Governor Bill Richardson's 2002
campaign for governor and another $5,000 to the same political action
committee on which Correra's father served as a board member.
G. Michael Bellinger, a New York attorney for Ramirez with the firm Dorsey
& Whitney LLP, said the U.S. Attorney hadn't subpoenaed his client.
The New Mexico eight-member investment council oversees the land grant,
severance tax and tobacco settlement funds.
Richardson has ordered the investment council to ban the use of third-party
placement agents on investments by the state's endowment. The state's
Education Retirement Board plans to enact a six-month ban on middlemen
while it evaluates a permanent ban and has terminated its contract with
Aldus.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aOjlJDnPrc5c&refe...
http://snipurl.com/ikv1h
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