The former investment officer for New York State’s pension fund has pleaded guilty to helping channel hundreds of millions of dollars in pension fund money to investment firms in an "pay-to-play" scheme.

David Loglisci pleaded guilty to securities fraud, a felony violation. He faces a possible sentence of up to four years in prison.

Attorney General Andrew Cuomo has been investigating corruption in the state’s pension fund for more than two years. He said in a statement that his investigation has found that corruption involves high-ranking officials in the state comptroller’s office, who used the funds as a “piggy bank.”

"With today’s plea, a former top official overseeing the state’s single largest asset admitted that decisions were driven by politics and greed -- not the best interests of the fund or its beneficiaries,” Cuomo said in his statement.

Cuomo says Loglisci admitted he let political adviser Hank Morris steer fund money to firms that contributed to then-comptroller Alan Hevesi's campaign or paid "placement" fees to Morris and his associates. Morris has pleaded not guilty in the pension probe. Hevesi has not been charged.