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NEW ORLEANS — A former investment banker serving a 14-year prison sentence for a New Jersey fraud scheme testified Monday that he helped arrange and disguise a $50,000 bribe to former mayor Ray Nagin.
Michael McGrath told jurors in Nagin’s corruption trial that the bribe in 2008 was funneled through his daughter’s trust account to a company Nagin founded with his sons.
McGrath said the bribe was in return for Nagin’s support for projects that a company called Home Solutions hoped to manage, including the redevelopment of an old power plant into a residential and retail space and a race car track. Neither project ever developed.
McGrath was a Home Solutions board member and his allegations backed up earlier testimony.