Today, former Educational Retirement Board Chairman Bruce Malott sued several former state investment officers, alleging a "complex web of corruption" resulting in "illegal payoffs totaling far in excess of...$100 Million."


According to a press release, Malott's 64-page filing details "a vast conspiracy that included international financial giant Deutsche Bank, New Mexico State Investment Officer Gary Bland and former Wall Street Analyst Anthony Correra among others."

"I was victimized by these people," Malott's press statement reads.

The complaint details his side of the story, claiming that while Malott honorably reaped "remarkable financial gains" for the state, Bland, Correra and others "corrupted the [ERB] Fund's investment process for their own selfish interests."

It's a new approach for Malott, who has been named in several pay-to-play lawsuits--including the high-profile case brought by whistleblower Frank Foy. In September 2010, he resigned from the ERB after news surfaced of a loan Malott accepted from Anthony Correra, a Richardson insider named in the current lawsuit.

Malott's troubles didn't end there. In January, Malott's former accounting firm, Meyners & Co (which for years had audited the sometimes scandal-plagued NM Department of Health) shuttered its doors.

Then, in July, more bad press: Malott, who was former Gov. Bill Richardson's campaign treasurer, had also served as Attorney General Gary King's treasurer in his 2004 campaign attempt at a Congressional seat. The hitch: Malott's signature remained on King's campaign forms through 2010.

Read the full lawsuit below.