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Probe into pension agents sought

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The Associated Press

Published: May 2, 2009

ALBANY, N.Y. - New York Attorney General Andrew Cuomo is trying to develop a nationwide investigation with his counterparts in 35 other states to root out what he calls corruption and abuse of public workers' pension funds nationwide, a state official said.

Cuomo is seeking to create a process to investigate well-paid, sometimes politically connected, often unregistered agents who secure investments for pension funds. He calls them "middle men" and says they sometimes secure investments for their companies that might not have been in the best interest of a fund or its retirees.

Cuomo said he has issued subpoenas to more than 100 investment firms and their middle men as part of his probe of an influence-peddling scandal affecting some of the nation's biggest public pension funds.

Five people have been charged in a two-year probe led by Cuomo into allegations that investment companies paid millions of dollars in kickbacks to political figures to get pension fund business.

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