BREAKING NEWS

Markstone exec pleads guilty to bribing NY pension officials

Markstone exec pleads gu

DECEMBER 4, 2009 06:22

Chairman Elliott Broidy of Markstone Capital Partners, one of the largest private equity firms investing in Israel, made an unannounced appearance in a Manhattan courtroom on Thursday to admit to a felony charge of rewarding official misconduct. Broidy was charged with helping his company land a lucrative deal with New York's public pension fund by giving nearly $1 million worth of illegal gifts to state officials. The attorney general's office stated that he had subsidized five trips to Israel by a "very high ranking" official in the comptroller's office in connection with the pension fund deal. Following his guilty plea, Broidy resigned from all operational and supervisory roles at Markstone. Markstone said in a statement that it didn't expect the case to effect its investments. The company said it was appointing Dan Gillerman, Israel's former ambassador to the United Nations, as its new chairman.

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