Former Santa Fe broker Marc Correra pleaded no contest in state District Court this afternoon to failure to pay state income taxes in 2009.
Correra presented a check in court to state tax officials for almost $329,000 and will serve three months of probation. No jail time was included in the plea agreement.
Judge T. Glenn Ellington told Correra that a sentence of from one to five years in prison could be imposed if Correra did not fulfill probation terms. He also gets a “conditional discharge,” wiping the charge off his record, if he completes probation successfully.
Prosecutors said Correra made $5.5 million in 2009 but didn’t pay taxes. Correra told the state he thought he hadn’t lived in New Mexico the minimum 185 days to have to pay taxes, according to the prosecution.
Correra was at the center of federal and regulatory investigations into how the State Investment Council and state Educational Retirement Board made investment decisions for several years. His father was a close friend and political supporter of former Gov. Bill Richardson