Norman Seabrook allegedly took thousands of dollars in kickbacks in exchange for steering millions in retirement investments to a Manhattan hedge fund.
The FBI on Wednesday arrested the leader of one of New York City's most powerful unions on allegations that he received thousands of dollars in kickbacks for steering his millions from his organization's retirement investments to a Manhattan hedge fund.
Norman Seabrook, president of the New York City Corrections Officers' Benevolent Association, was taken into custody at his Bronx home early Wednesday morning as FBI agents raided his home.
Murray Huberfeld, the former head of Platinum investment and the hedge fund manager whom Seabrook is accused of conspiring with, was also arrested Wednesday.
According to the indictment against the defendants, the kickback scheme allegedly ran from November 2013 through 2015.
On one occasion on December 11, 2014, it is alleged that a mutual friend of Huberfeld and Seabrook, who is a confidential witness in the case, went to a Salvatore Ferragamo luxury goods store in Manhattan, purchased an expensive bag, placed $60,000 in it, and delivered the bag to Seabrook, who was waiting a few blocks from the store.
At the time, the confidential witness had season NBA tickets to the New York Knicks and had hoped to create a sham invoice stating that Platinum paid him the $60,000 for game tickets, according to the complaint.
"At the time of this supposed payment of $7,500 per game, the New York Knicks' record was 4-20," the complaint says.
According to the complaint, Seabrook, who has been a corrections officer since 1985, was angry when he received the $60,000 payment because it was not as much money as initially promised.
The U.S. Attorney for the Southern District of New York Preet Bharara called a press conference for Wednesday at 12:30 to formally announce the charges.
from BuzzFeed - USNews http://ift.tt/217Jmwa
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