Paul J. Silvester

Paul J. Silvester is a politician, businessman, and white collar criminal from Connecticut.

Personal life and education

Paul Silvester is the son of George and Eva Silvester of Hartford, Connecticut.[1] Silvester was married to West Hartford lawyer Christine A. Olson but the couple divorced in 2002 when he was on trial, they have two children together.[2]

Public service career

In 1997 Silvester was appointed as the State Treasurer by Connecticut Governor John G. Rowland when incumbent Treasurer Christopher Burnham retired. At the time Silvester was the youngest State Treasurer in the country. He retired in 2000 after losing losing his seat in an election to Denise Nappier in 1999. Soon after he retired the FBI and SEC began investigating him and his close associates while in office.[3]

Corruption case

Silvester was accused of diverting State Pension and Trust Fund business to specific investment firms in return for kickbacks. These kickbacks came in a number of forms but primarily took the form of no-work consulting and lobbying contracts provided to Silverston and close associates. The case involved his family with his brother Mark Silvester pleading guilty to conspiracy to solicit and accept corrupt payments and his brother-in-law Peter D. Hirschl pleading guilty to conspiracy to launder money.[4] The scheme was alleged to have netted $2.25 million in false fees and kickbacks. Silvester pled guilty and was sentenced to 51 months in prison, he had faced up to 40 years but the sentence was especially lenient because Silvester agreed to cooperate in taking down a wider network of racketeers and corrupt government officials.[5] The scheme was discovered by incoming Treasurer Denise Nappier. Nappier alleged that Silvester had moved so much of the State Retirement and Trust Fund into high-risk, long term, non-liquid private equity funds that it unbalanced the State’s investment plan, increasing the risk of a long term failure.[6]

Prison and post-release

In 2003 Silvester was ordered to serve 28 more months in prison. The U.S. Attorney’s Office commented that "The sentence imposed today is not only reflective of Paul Silvester's criminal wrongdoing but also of his admission of guilt and substantial cooperation in the investigation and prosecution of other individuals involved in this treasurer's office scandal.’'[7]

Sources

  1. ↑ "SILVESTER, Atty. George A., Jr". legacy.com. Hartford Courant. Retrieved 3 July 2018.
  2. ↑ Michak, Don. "Jailed former state treasurer won't contest divorce action". journalinquirer.com. Journal Inquirer. Retrieved 3 July 2018.
  3. ↑ Schneyer, Fred. "Former Conn. Treasurer Gets More Jail Time". plan sponsor. plansponsor.com. Retrieved 3 July 2018.
  4. ↑ Allen, Mike. "Treasurer's Downfall in Kickback Scheme Shakes Connecticut Political Establishment". nytimes.com. New York Times. Retrieved 3 July 2018.
  5. ↑ Santora, Marc. "51 Months For Key Figure In Corruption". nytimes.com. New York Times. Retrieved 3 July 2018.
  6. ↑ Mahony, Edmund H. "DiBella A Stingy Witness: Testimony Adds Little In SEC Suit". sip-trunking.tmcnet.com. Hartford Pourtant. Retrieved 6 July 2018.
  7. ↑ Mahony, Edmund H. "Silvester To Spend 28 More Months In Jail". courant.com. Hartford Courant. Retrieved 3 July 2018.
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