ASSOCIATES ASSOCIALE REPORTS ASSOCIABILITY MANAGEMENT BlackRock Inc. BLACK ROCK, N.A. (AP) An attorney general in New Jersey says a former Blackrock employee was charged with money laundering and securities fraud for allegedly stealing $50 million from the company during a time of crisis.
In a news release Thursday, Attorney General Loretta Lynch said James “Jim” Pincus stole the money in November and used it to purchase a new business in New York and move it to a different state.
The company said Pincuse did not participate in any transactions with the New York state attorney general’s office.
Lynch’s office says she and other federal officials are investigating the matter.
BlackRock said in a statement it had suspended Pincuses employment in November after learning of the allegations.
It said he did not receive the $50-million and has no connection to the company.
Pincus was a former managing director at the investment firm and worked at BlackRock for years.
He left the firm in February after more than a decade as managing director, according to BlackRock.
The charges bring the total number of people arrested by the U.S. attorney’s office in New Hampshire in connection with the probe to at least 19.