A money manager convicted and sentenced in a kickback and cherry-picking scheme in the early 2000s has filed to run for a vacant congressional house seat in New Jersey.
According to state documents, Alan B. Bond is listed as an independent candidate of the Hope for Tomorrow! Party in New Jersey’s 11th congressional district, a seat vacated by Mikie Sherrill after she was elected governor of New Jersey in November 2025. During the 1990s and early 2000s, Bond stole millions from clients through two separate schemes, CIO sister publication PLANSPONSOR reported in 2003.
An initial 1999 complaint by the Securities and Exchange Commission alleged that between 1993 and 1998, as president and CIO of Bond, Precope Capital Management, Bond recieved commission kickbacks totaling 6.9 million from three brokerage firms, which siphoned investment returns from clients.
A 2001 enforcement action from the SEC alleged that Bond had engaged in a cherry-picking scheme at his new firm, Albriond Capital Management, in 2000, in which he personally profited from winning trades and steer losing trades into client accounts.
Through his cherry-picking scheme, Bond’s clients lost more than $57 million, according to the SEC, while netting $6.6 million. Between March 2000 and July 2001, Bond was alleged to have placed 93% of his profitable trades in his own account, while 83% of unprofitable trades were allocated to clients.
At the highest point in his firm’s activity, Bond managed more than $600 million in assets. The initial SEC complaint stated that Bond used the proceeds from his scheme to acquire a collection of 75 luxury and antique cars, as well as a large home and a beachfront condo in Florida. He is also accused of paying gratuities to the trustees and employees of his pension fund clients.
Bond pled guilty to the kickback scheme and was found guilty by a jury in the cherry-picking scheme; in 2003, he was sentenced to 12.5 years in federal prison. Bond was ordered to pay a total of $12.3 million in restitution to victims of the two schemes. He was released in 2008.
Some of Bond’s 25 victims included the Birmingham Amalgamated Transit Authority Local 725 pension fund, the Old Dominion Disability and Retirement Allowance Plan, the City University of New York, and the National Basketball Association.
Bond confirmed his candidacy in an email to CIO. He said via email that “much has changed” in the nearly 30 years since the schemes occurred.
The special election for the congressional seat will be held on April 16. Democrat Analilia Mejia and Republican Joe Hathaway are the candidates from the two major parties. Bond is the only independent candidate running in the election.
Bond previously had worked at Goldman Sachs, Lazard and Brenner Securities, according to a FINRA BrokerCheck report. He earned a bachelor’s degree from Dartmouth College and an MBA from Harvard Business School.
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