Henry “Hank” Morris, one of the masterminds of a pay-to-play scandal involving the New York state pension system, today was sentenced to up to four years in prison. He also agreed to repay $19 million in ill-gotten gains, and to be permanently banned from the securities industry in New York State.
Morris had plead guilty to a feloly violation of The Martin Act last November, and is the first person associated with the scandal to receive jail time. Well, at least so far. Former New York controller Alan Hevesi, former pension system official David Logiscli and five other people also have plead guilty and are expected to be sentenced shortly.
Here is how the New York Attorney General’s office summerized Morris’ misdeeds, in an official statement:
The prison sentence given to Morris — which includes a minimum of 1.3 years — was the maximum term available to NY Supreme Court Justice Lewis Bart Stone.