Business

Feds give up on collecting $4M fine in Connecticut scandal

Posted March 15, 2015 11:00 pm

The Associated Press

NEW HAVEN, Conn. (AP) - Federal prosecutors have given up on collecting a $4 million fine from a defunct Boston investment firm that was convicted in a late 1990s Connecticut treasurer's bribery and kickback scandal.

A federal judge on Friday granted prosecutors' motion to stop efforts to collect the fine from Triumph Capital Group Inc.

Triumph was convicted in 2003 of racketeering, bribery, wire fraud and other charges for getting former Connecticut Treasurer Paul Silvester to invest $200 million in state pension funds with the firm by giving $1 million job contracts to his associates. The firm's chairman and general counsel also were convicted in the scandal.

Prosecutors say Triumph is no longer operating and appears to have no assets.

Silvester served nearly two years in prison for his role in the scandal.

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