David Loglisci

Ex-NY pension official avoids prison

October 10, 2012: 12:16 PM ET

Judge slaps wrist of pay-to-play participant.

FORTUNE -- David Loglisci, the corrupt former chief investment officer for the New York State Common Retirement Fund, yesterday was sentenced to a "conditional discharge" rather than jail time.

Apparently Judge Lewis Bart Stone feels that managing an Oklahoma car wash – which apparently is Loglisci's new vacation – is punishment enough for orchestrating a pay-to-play scheme that involved such private equity firms as Quadrangle Group and Riverstone Holdings.

Or perhaps it was simply that Loglisci himself never profited from the arrangements, since he basically just steered the money elsewhere (including to his brother, who was producing an atrocious film called Chooch). As Stone told Loglisci during sentencing: "You sold out and you didn't get any money for it, which shows how naive you were."

Per usual, no explanation as to how the private equity execs who did profit off of the deal were allowed to pay their way out of it, rather than spend some time hanging out in the yard with Loglisci accomplices Alan Hevesi and Hank Morris...

Sign up for Dan's daily email newsletter on deals and deal-makers: GetTermSheet.com

Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.