NJ-11: Financier (I) who stole pension funds running for Congress
Alan B. Bond, a onetime Wall Street prodigy who went to prison for stealing nearly $7 million from pension funds he managed, will be the lone independent candidate for Congress in New Jersey’s 11th district in an April 16 special election.
The 64-year-old Montclair resident filed nominating petitions under the slogan “Hope for Tomorrow.”
In 2002, the U.S. Attorney for the Southern District of New York charged Bond with a kickback scheme, alleging that he skimmed commission payments and diverted trading profits to his personal accounts. It took jurors less than an hour to convict Bond after a three-week trial, and he was sentenced to 12 ½ years in a federal prison. But in 2005, the U.S. Attorney from Maryland requested a reduction in his sentence for his cooperation in another matter, and he was released in 2008. He paid over $7 million in restitution and fines.
After working at Morgan Guaranty, Goldman Sachs, and W.R. Lazard, he formed a pension management firm with former New York City Comptroller Harrison Goldin in the 1990s and was a frequent guest on Wall Street Week with Louis Rukeyser. Bond’s $600 million fund included pension and retirement accounts for the NBA, the Washington Transit Authority Local 689, and the City University of New York. Bond is a Dartmouth graduate and received his MBA from Harvard.
https://newjerseyglobe.com/congress/financier-who-stole-pension-funds-running-for-congress-in-nj-11/
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