The office of New York’s Attorney General Andrew Cuomo announced on Wednesday that David Loglisci, the former chief investment officer for the New York State Common Retirement Fund (CRF), has pleaded guilty to his role in the corruption investigation involving an alleged pay-to-play scheme.

Loglisci pleaded guilty to a Martin Act felony and will cooperate with the investigation, the announcement stated. Loglisci's next court appearance is on June 17 and he is looking at a sentence of between 16 months to four years in state prison for his crimes.

As the former chief investment officer of the CRF under former Comptroller Alan Hevesi, Loglisci had the authority to recommend investments to the pension. He held this position from January 2003 until May 2007.

Loglisci admitted to abdicating this authority to Henry Morris, the top political adviser to Hevesi, in order to direct hundreds of millions of pension fund dollars to politically favored firms. Loglisci said he had been instructed by senior-level officials at the office of the comptroller to get Morris’ approval before recommending or whether or not to go forward with a CRF investment in an alternative asset class.

“As part of his plea, Loglisci acknowledged breaching his fiduciary duties and violating the public trust by making investment decisions according to political benefit for the Comptroller, rather than in the best interests of the CRF’s members and beneficiaries,” the announcement stated.

Loglisci admitted to intentionally engaging in fraud, deception and concealment, the announcement said.

Cuomo’s office accused Morris of corrupting the investment process of the CRF, and showing a favorable eye toward firms that either made political contributions to the Comptroller’s campaign, which Morris managed, or agree to pay placement fees to Morris. Cuomo also said Morris would “punish” those who would not partake in this activity.

Loglisci also said he knew Morris was a “secret partner” of Barrett Wissman, a hedge fund manager, Julio Ramirez, an unlicensed placement agent, and others who split the sham placement fees.

Cuomo’s announcement pointed out that Morris’ indictment remains pending, and he is presumed innocent.

Others who have pleaded guilty include former Liberal Party Chair Ray Harding; Wissman; investment advisor and private equity manager Saul Meyer; Ramirez and venture capital fund manager Elliott Broidy.

Cuomo has cast a far-reaching net in his investigation. He issued subpoenas to more than 100 investment firms in May 2009 and said he found that between 40% and 50% of agents who received CRF capital were unregistered.

In response to the investigation, current CRF Comptroller Thomas DiNapoli has banned all third party placement agents from working with the pension.

DiNapoli released a statement in reaction to Loglisci’s guilty plea, saying it was as step in the right direction in “putting the transgressions of the Hevesi administration behind us.”

DiNapoli, who replaced Hevesi a few years ago when he resigned, is up for election later this year.