A former bond broker persuaded a federal judge to spare her from prison after pleading guilty to conspiring with a portfolio manager of New York’s main pension fund to funnel state business to her firm in exchange for bribes including concert tickets and luxury vacations.
Bloomberg News reports that Deborah Kelley, 59, a former managing director at Sterne, Agee & Leach, pleaded guilty in May to a single count of conspiracy for spending more than $19,000 to entertain the portfolio manager, Navnoor Kang, with a vacation in New Orleans that included VIP seats to a Paul McCartney concert and a ski trip in Park City, Utah.
U.S. District Judge Paul Oetken on Friday gave Kelley three years probation, with the first six months to be spent confined to her home in Piedmont, California. She was also ordered to perform 1,000 hours of community service and pay a $50,000 fine. Prosecutors had sought a five-year prison sentence.
A tearful Kelley begged Oetken to keep her out of prison, saying she was "beyond remorseful" for entertaining Kang, which she called the "worst decision" she has ever made.
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