After commending him for making it possible for authorities to bring to justice those “who tried to rip off the system,” New York state judge Lewis Bart Stone sentenced Los Angeles philanthropist Elliott Broidy to the “minimum” allowed by New York State law.
Broidy was given a misdemeanor charge for his role in the scandal that involved New York State Comptroller Alan Hevesi, who was convicted of accepting gifts from people who wanted to conduct business with the state’s pension fund.
“It is this Court’s view that…the type of criminality that Mr. Hevesi and his minions indulged in are those that would never have come to the full light of day had Mr. Broidy not volunteered [to cooperate with the investigation],” the judge said.
Broidy not only cooperated with authorities, but paid $18 million in restitution – an amount, according to Judge Stone, is in “significant excess of what he personally received.” The judge added: “It is quite exemplary that his restitution to the fund exceed any of his own personal gain.”
Prosecutors stood silent as the judge imposed the lightest possible sentence after a three-year investigation.
“I would hope that the People would take a more positive view as to what really ought to be done, rather than to avoid the issue on this,” the judge said.
Former New York Gov. George Pataki and Ken Langone – one of New York’s most significant business leaders and philanthropists – are among those who wrote to the court in support of Broidy.
The judge said he took that and other factors into consideration in the sentencing.
Elliott Broidy civic leader
Broidy is a community and civic leader and philanthropist who has served on many boards, including the United States Homeland Security Advisory Council, Los Angeles Fire and Police Pension Fund, Kennedy Center, Simon Wiesenthal Center and the Los Angeles Police Foundation.
Following the tragedy of 9/11, Broidy became interested in protecting the country and helping the leaders he believed in. Because of his substantial ability in finance and his interest in law enforcement, from 2002-2009 he served as a Commissioner of the Los Angeles City Fire and Police Pension Fund and was a member of the Board of Directors of the Los Angeles Police Foundation. In 2005, he was appointed by Secretary Michael Chertoff to serve on the United States Homeland Security Advisory Council as well as the Future of Terrorism Task Force and New Technology Task Force.
Broidy not only gave back every penny he earned, but paid significantly extra funds – even though the law likely could not have required him to do so.
“The court is not clear whether all of that restitution would have been eventually collectable at law, but as part of the plea deal he took up on the moral responsibility in trying to make the state pension fund whole,” Judge Stone said.
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