ALBANY, N.Y. (AP) – A state parole board says ex-New York Comptroller Alan Hevesi will be released after serving 19 months in prison for accepting gifts and campaign donations from people trying to do business with the state pension fund.
As comptroller, Hevesi was sole trustee of the fund now valued at nearly $150 billion.
The 72-year-old former assemblyman and New York City comptroller was entangled in an investigation of so-called “pay to play” practices at the fund.
In April of 2011, Hevesi received an up to four-year sentence for approving a pay-to-play kickback scheme involving the state's pension fund for which he received $1 million in benefits.
He told the parole board last year that letting a venture capitalist pay $75,000 of expenses for five trips to Israel, primarily on fund business, which the state could have paid, represented an “unprecedented” level of stupidity for him.
He said all campaign contributions were spent on his re-election and he didn't personally receive any money.
The board's decision was released Thursday.