On May 30, 2017, Deborah Kelley pled guilty for her involvement in a “pay-to-play” bribery scheme involving the New York State Common Retirement Fund (“NYSCRF”), the third-largest public pension fund in the nation. Kelley is a former managing director of institutional fixed income sales at a broker-dealer based in New York (“Broker-Dealer”). According to the allegations in the indictment and statements made during the plea proceeding, Kelley entered into an agreement with Navnoor Kang, Director of Fixed Income and Head of Portfolio Strategy for NYSCRF, and others to pay Kang bribes in exchange for fixed-income business from NYSCRF. Bribes to Kang included entertainment, travel, and lavish meals. The scheme allegedly resulted in commissions to the Broker-Dealer from NYSCRF’s business of hundreds of thousands of dollars, of which Kelly personally earned approximately 35 to 40 percent. Kelley pled guilty to one count of conspiracy to commit securities fraud and honest services wire fraud. Charges against Kang are currently pending. United States v. Kang, 1:16-CR-00837 (S.D.N.Y.).