Bill Richardson

After Campaign Donations, Richardson Admin. Gave Big Contract To Alleged Ponzi Schemer's Firm

Justin Elliott | November 19, 2009, 10:56AM

Hassan Nemazee and New Mexico Gov. Bill Richardson

An investment firm partly owned by Democratic mega-fundraiser and accused Ponzi schemer Hassan Nemazee was awarded a New Mexico state contract in 2007 after Nemazee and an associate contributed to Bill Richardon's gubernatorial fund, according to an excellent Forbes story published this morning.

Nemazee, who was indicted in September on charges he bilked several banks out of $292 million, had a 24.9% stake in the investment firm, Carret Asset Management. In 2007 it won the contract to manage $200 million from the State Investment Council, the agency that controls oil and gas leasing fees. The firm has netted nearly $2 million on the deal.

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