ALBUQUERQUE, N.M. - ALBUQUERQUE, N.M. (AP) - New Mexico's State Investment Council has approved settlements in a decade-old scandal that involved politically influenced investment deals using state money.
The Albuquerque Journal reports the council unanimously approved settlements Tuesday with Anthony Correra and his son Marc Correra, who shared in more than $22 million in fees charged to investment firms.
Anthony Correra has agreed to pay $1 million to settle claims that he illegally directed state investments to firms that paid fees to his son.
Marc Correra has agreed to turn over $4.1 million to a U.S. Bankruptcy Court to be used to settle claims. The settlement also allows $900,000 to be released from an escrow account.
The father and son have both agreed to never conduct business again in New Mexico.