New Mexico OKs $1 million investment settlement
New Mexico reaches $1 million settlement with private equity firm Markstone Capital
Associated Press
2014-06-25 03:01 AM

SANTA FE, N.M. (AP) -- A New Mexico agency says Markstone Capital Group will pay $1 million to settle allegations that political connections to former Gov. Bill Richardson improperly influenced the awarding of a public investment deal.

The State Investment Council announced the settlement on Tuesday with the private equity firm, which has offices in Los Angeles and Tel Aviv, Israel. The firm denied any wrongdoing as part of the settlement.

Former Michigan Democratic Rep. Bob Carr, who served with Richardson in Congress, received a $100,000 fee as a placement agent for New Mexico's $20 million investment with Markstone in 2004.

Carr cooperated with the council as part of a previous settlement.

The council sued financial firms, brokers and others in 2011 alleging that politically influenced state investments benefited Richardson's supporters and friends.

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