2 guilty in bribe scheme involving pension funds

February 14, 2002|By BLOOMBERG NEWS SERVICE

NEW YORK - A New York stockbroker and a Chicago futures trader were convicted yesterday of scheming to bribe union officials to invest millions of dollars of pension fund money with a corrupt money manager, prosecutors said.

Stockbroker John M. Black, who authorities say was an associate of the Lucchese organized crime family, and futures trader Glenn B. Laken were convicted of racketeering, bribery and fraud, U.S. Attorney James Comey said.

Federal prosecutors said the goal of the scheme was to induce pension fund managers to shift hundreds of millions of dollars to the control of a crooked investment adviser. The adviser was not identified.

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