Compliance October 30, 2006

CT Man Jailed for Three Years in Silvester Pension Scandal

October 30, 2006 (PLANSPONSOR.com) - A West Hartford, Connecticut man, who was convicted of charges in connection with a Connecticut state pension fund scandal, has been sentenced to a three-year prison term and hit with a $50,000 fine.
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US District Judge Ellen Bree Burns imposed the sentence on Charles Spadoni, former general counsel of Triumph Capital Group, after a federal court jury convicted him in July 2003 of violating the Racketeer Influenced and Corrupt Organizations Act, RICO conspiracy, bribery, wire fraud and obstruction of justice (See  Jury Slams Investment Firm For CT Treasurer Bribery Scandal ).

 

Burns also sentenced Spadoni to five years of supervised release after being released from prison, according to court documents.

Prosecutors charged that Spadoni engaged in a bribery scheme by agreeing to give two consulting contracts worth $1 million each to two close associates of former Connecticut State Treasurer Paul Silvester in return for the investment of $200 million of state pension assets in a Triumph Capital-related investment fund.

Silvester pleaded guilty to RICO and money-laundering charges in September 1999, and was sentenced in November 2003 to 51 months in prison (See  Former Conn. Treasurer Gets More Jail Time ).

The case is US v. Spadoni, D. Conn., 3:00 cr 00217, sentenced 10/25/06.

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