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New York Execs On "Admin Leave" Pending Investigation

Wednesday, 2nd May 2012

New York Racing Association president-chief executive Charles Hayward & senior vice president-general counsel Patrick Kehoe have been "placed on administrative leave without pay pending further investigation" following an interim report from the New York State Racing & Wagering Board "investigating incorrect take-out rates applied to NYRA races". The report alleges "information obtained by the Board indicates various NYRA officials were aware that the take-out rate was above the legally allowed rate, yet continued to collect it". A total of US$8,487,647 "was incorrectly withheld from pools due to the error". The report notes that while NYRA officials attributed the incorrect takeout rates to an "inadvertent error", the NYSRWB claims its investigation "of more than 5,000 NYRA documents, including emails & financial records, has uncovered evidence that NYRA executives were aware of the issue".

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