In a story last week about the departure of Wetherly Capital co-founders Vicky Schiff and Peter Borges from AVP Partners, PERE incorrectly reported that Wetherly was named in a complaint filed by New York State Attorney General Andrew Cuomo.
Instead, the Los Angeles-based firm was mentioned in the complaint, which detailed alleged pay-to-play activities surrounding the New York State Common Retirement System. PERE regrets any inconvenience caused.
According to the complaint, Wetherly – which has not been accused of any wrongdoing – was shown to have paid $313,750 in fees to former New York political operative Henry Morris in connection with investments in various investment firms. Wetherly has previously said through a spokesperson: “The $314,000 refers to payments made to Morris’ company for work that Morris performed as consultant. Wetherly and its personnel have been fully co-operating with the Attorney General’s investigation.”
Morris, along with David Loglisci, the New York Common’s former chief investment officer, has been indicted by Cuomo in a scheme to collect sham finder’s fees from investment firms for commitments from the pension. Four other people have been indicted in the scandal.