Punjab-origin man charged in US bribe scam

New York, December 22

An Indian-origin former portfolio manager at one of the largest pension funds in the US is among three people charged in a bribery scam where billions of dollars of business was steered to broker dealers in exchange for luxury vacations, drugs, cash and prostitutes.

Navnoor Kang, 38, the former director of fixed income and head of portfolio strategy at the New York State Common Retirement Fund (NYSCRF) and Deborah Kelley, 58, a managing director of institutional fixed income sales at a New York-based broker-dealer, have been charged with participating in a “pay-for-play” bribery scam involving the NYSCRF.

Kang was arrested yesterday in Portland and will be presented later before a US Magistrate Judge.

Kelley is expected to surrender to authorities in San Francisco, US Attorney for the Southern District of New York Preet Bharara said. — PTI