Posted: Feb 3, 2014 2:56 PM
Updated: Feb 3, 2014 3:47 PM
Source: Associated Press
NEW ORLEANS - A former investment banker serving prison time for a fraud scheme is being cross-examined by Ray Nagin's defense team after the convict testified that he helped arrange and disguise a $50,000 bribe to the former New Orleans mayor.
Michael McGrath told jurors in Nagin's corruption trial the money was in return for the mayor backing projects of interest to a company called Home Solutions. McGrath's testimony Monday backed up earlier testimony from Frank Fradella, the former Home Solutions chief executive.
McGrath was a board member for Home Solutions.
Nagin's defense attorney, Robert Jenkins, noted that McGrath could seek a reduction in his 14-year sentence for cooperating in the unrelated Nagin case. He also said McGrath had no information to corroborate Fradella's claim that the money was a bribe.