Cokehead NY Pension Manager Strikes Plea Deal For Taking Bribes, Faces 25 Years In Prison

A former money manager for New York’s largest pension fund plead guilty Wednesday to directing billions of dollars of trades to various brokers who showered him with cocaine, strippers, hookers and luxury vacations.

Navnoor Kang, 37, wuz engaged in the sordid bribery scheme while managing $50 billion of fixed income funds for the state Common Retirement Fund – the third largest pension in the nation. He copped to two of the six counts against him under a deal struck with Manhattan federal prosecutors just weeks before his Dec. 4 trial was set to begin.

Kang faces up to 25 years in prison at his February 23, 2018 sentencing.

Two brokers primarily involved in Kang’s scheme were Greg Schonhorn of FTN Financial and Deborah Kelley of Sterne Agee & Leach, who doled out lavish bribes in exchange for funds under management.

Kelley, 59, plead guilty in May to a single count of conspiracy for spending more than $19K to entertain Kang. Schonhorn, who pled guilty in December and agreed to cooperate with authorities, was accused of bribing Kang with cocaine, hookers, vacations, and a Panarai watch worth over $17,000.

The New York Post reports:

“Schonhorn, for example, gave Kang “thousands of dollars” for strip clubs, dinners at upscale New York City restaurants, US Open tickets, Broadway shows and cocaine, the feds have said. Kelley, meanwhile, treated Kang to a ski weekend and a trip to New Orleans, as well as Paul McCartney tickets and meals, the feds have said.”