"Reporting from Los Angeles and Sacramento - Los Angeles venture capitalist and philanthropist Elliott Broidy pleaded guilty Thursday to charges that he paid $1 million in gifts to New York public pension officials to win $250 million in investment capital for his private equity fund.
Broidy, 52, faces a possible prison sentence of up to four years at his sentencing, scheduled for June 10."
New York Atty. Gen. Andrew Cuomo characterized Broidy's actions as bribery, saying he sent a top state official and relatives on luxury trips to Israel and Italy and paid the rent and hospital bills of a bureaucrat's girlfriend to get the investment money for his Century City firm, Markstone Capital Partners.
Broidy even bankrolled a movie production for the brothers of one official, authorities said.
"This is an old-fashioned payoff of state officials," Cuomo said. "This is effectively bribery."
