NY-SEC pension probe hits hurdle over movie deal
By Joan Gralla
NEW YORK, June 2 (Reuters) - A New York pension kickback probe by the state attorney general and the U.S. Securities and Exchange Commission has hit a hurdle over "Chooch," a movie partly financed by fund managers seeking pension contracts.
The SEC has charged that David Loglisci, the state pension fund's former top investment officer, benefited financially from investments in the movie, produced by one of his brothers, and that he failed to disclose a conflict of interest.
But Loglisci, in his 2003 annual disclosure statement with the New York State Ethics Commission, said he had "sold all interests in Rose Park Equities," which he described as a family partnership that included film rights to "Chooch." For more details, see [ID:nN17338042] and [ID:nN145042661].
The Ethics Commission made Loglisci's disclosure statements available to Reuters on Tuesday. The statements show that he made several disclosures relating to his ties with the film.
In his 2004 and 2005 disclosures, Loglisci said Rose Park Equities was sold in 2002, and added that "some money is still owed to me."
His 2004 filing said he sold the partnership to his brother Nick Loglisci. David Loglisci left the pension fund in 2007, and his last disclosure statement for 2006 makes no mention of Rose Park.
Democratic Attorney General Andrew Cuomo has charged that Loglisci "caused" certain fund managers to invest more than $250,000 in Chooch and failed to disclose this or the conflict of interest he had due to his stake in the movie.
A spokesman for Cuomo, who has said his pay-to-play probe of New York's $110 billion pension fund involves a national network of fund managers and those who assisted them in winning business, was not immediately available to comment. Continued...
© Thomson Reuters 2009. All rights reserved. | Learn more about Thomson Reuters
