Private equity firm owner agrees to pay $20 million settlement
Date: December 10, 2009
The founder of a private equity firm has agreed to pay $20 million in restitution for his part in corruption uncovered by Attorney General Andrew M. Cuomo in the New York State Common Retirement Fund.
Under terms of the agreement, David Leuschen, founder of Riverstone Holdings, LLC, will pay $20 million to resolve allegations about his role in the scheme.
“It is important that both firms and individuals be held accountable for conduct that jeopardized the integrity of the New York State Common Retirement Fund,” Cuomo said. “To date, we have collected over $100 million through this investigation for the retirement fund and the state. As these sums return value to the state pension fund, we continue to pursue the critical reforms that are necessary to prevent such rampant abuse from again corrupting the pension system.”
Click here to read the full article
Source: Legal Newsline
