A former portfolio manager who controlled more than $50 billion in New York state pension funds was charged with securities fraud, honest services fraud, obstruction of justice and related conspiracies in a pay-for-play bribery scheme in which he steered business to two brokerdealers in exchange for drugs, strippers, prostitutes, cash and expensive gifts, officials announced Wednesday.

Navnoor Kang, the former director of fixed income and head of portfolio strategy for the New York State Common Retirement Fund, allegedly took more than $100,000 in bribes from Deborah Kelley, a managing director of institutional fixed income sales at a New York-based broker-dealer and Gregg Schonhorn, a vice president of fixed income sales at a New York-based broker-dealer, to send more than $2 billion in bond transactions to their employers. U.S. Attorney Preet Bharara said the transactions garnered millions of dollars in commissions for the broker dealers of which Kang's co-defendants millions got paid 35 to 40 percent.

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Schonhorn is represented in the criminal matter by Sam Braverman of the Sam Braverman Law Office.

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