Ny Pension Fraud Probe Goes Nationwide

05.04.09 | Sarah Harnisch

New York Attorney General Andrew Cuomo's probe in pension fraud has gone nationwide. Cuomo has created a task force that is bonding with 36 other states to make sure this kind of thing doesn't happen to anyone else.

Cuomo says middle men -- called "security brokers" -- handled the money and were paid quite a sum for it. 22 of those security brokers were unregistered, according to documents released by Cuomo's office late Friday. That is half of all the agents used by the state.

Cuomo's office issued 100 subpoenas Friday as he investigates which financial firms quietly hired lobbyists and political consultants to win investments through the state's massive pension fund.