The state pension fund’s former chief investment officer was finally sentenced to no jail and no probation today, two years after he pleaded guilty to violating business law and cooperated against disgraced state comptroller Alan Hevesi in the massive Pay-to-Play scandal.
In choosing which hedge funds and private equity firms had access to the state pension system’s massive $130 billion retirement cash pool, Loglisci had admittedly favored firms that made donations to the Hevesi campaign.
“You sold out and you didn’t get any money for it, which shows how naive you were,” Manhattan Supreme Court Justice Lewis Bart Stone told Loglisci, 42, who now manages a car wash equipment business in Oklahoma.
Hevesi remains in prison serving an up-to-four-year sentence, as does his one-time political advisor and campaign manager Hank Morris, who had to pay back $19 million in fees and pleaded guilty two years ago to felony securities fraud as the scheme’s admitted mastermind
Loglisci, Hevesi and Morris were three of eight people who pleaded guilty in the scandal, which was prosecuted by the state Attorney General’s office.