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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

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DiNapoli Statement In Response to Misconduct of Former Pension Fund Employee

December 21, 2016

"The New York State Common Retirement Fund has absolutely no tolerance for self-dealing, and we are outraged by Mr. Kang's shocking betrayal of his responsibilities. In February 2016, he was dismissed. As the criminal indictment says, he secretly circumvented our rigorous ethical standards and policies. When his misconduct was uncovered by federal authorities, our inspector general worked with law enforcement officials to uncover the extent of his scheme. We thank U.S. Attorney Preet Bharara, the Securities Exchange Commission and the FBI for their immediate and professional approach to pursuing this wrongdoing. As U.S. Attorney Bharara states in the indictment, the CRF strictly forbids this conduct, and we will continue to assist federal authorities," said Thomas P. DiNapoli, Comptroller of the State of New York.