TYB
Agree, I read the loaves for articles, I haven't checked Drudge except for confirmation of things I learned here first.
Norman Seabrook, President Of Correction Officers Benevolent Association, Sentenced To 58 Months In Prison For Accepting Bribes In Exchange For Investing Union Money In New York-Based Hedge Fund
“Tens of thousands of hardworking correction officers once looked to Norman Seabrook as their leader and champion. Seabrook now stands convicted of betraying them for a bag full of cash and the promise of more. His conduct resulted not simply in the membership’s loss of faith in its leader, but the loss of millions of dollars in retirement benefits due to union members. My Office has worked tirelessly with our law enforcement partners to hold Seabrook and those who conspired with him to account. Today’s sentence sends an important message to any other person in a position of power that no one is above the law, and that violating a sacred trust in return for a cash payoff will land you on the wrong side of a prison door.”
Toward the end of 2013, on a trip to the Dominican Republic with, among others, Jona Rechnitz, a real estate businessman who is now a cooperating witness for the Government, SEABROOK told Rechnitz that he worked hard to invest COBA’s money and was not getting anything out of it, and it was time that “Norman Seabrook got paid.” Rechnitz was friendly with and had done business with Murray Huberfeld, a founder and part owner of Platinum Partners (“Platinum”), a Manhattan-based hedge fund that principally ran two funds. Rechnitz was aware that Platinum was looking to attract public and institutional investors – as opposed to its more typical investor set of high net-worth individuals – and told Huberfeld that SEABROOK would likely invest COBA money in Platinum if Huberfeld were willing to pay SEABROOK money on the side. Huberfeld agreed to the proposition, and Huberfeld worked out a formula in which SEABROOK would be paid a kickback of a portion of the profits from COBA’s investment that Huberfeld estimated would be between $100,000 and $150,000 per year.
via SDNY
https://www.justice.gov/usao-sdny/pr/norman-seabrook-president-correction-officers-benevolent-association-sentenced-58
Q
It will not end well for this guy