Norman Seabrook allegedly took thousands of dollars in kickbacks in exchange for steering millions in retirement investments to a Manhattan hedge fund.

BREAKING: NYC Corrections union head Norman Seabrook arrested in corruption probe https://t.co/JUjmsQ90I7

The FBI on Wednesday arrested the leader of one of New York City's most powerful unions on allegations that he received thousands of dollars in kickbacks for steering millions from his organization's retirement investments to a Manhattan hedge fund, according to an indictment unsealed this week. Norman Seabrook, president of the New York City Corrections Officers' Benevolent Association (COBA), was taken into custody at his Bronx home early Wednesday morning as FBI agents raided his home. Murray Huberfeld, the former head of Platinum investment and the hedge fund manager whom Seabrook is accused of conspiring with, was also arrested Wednesday. At press conference announcing charges, U.S. Attorney Preet Bharara, said Seabrook, who has served as president of COBA for 20 years, "Wielded power and control over the thousands of lives of corrections officers that he represented."

Several #FBI agents continue to enter and leave @NYCCOBA1 president #NormanSeabrook home.

According to the indictment against the defendants, the kickback scheme allegedly ran from November 2013 through 2015. Bharara said that at one point Seabrook furnished $20 million of the union's money to Platinum, accounting for more than half of the hedge fund's investments that year. Bharara added that this investment came at a time when Platinum was in need of capital because "redemptions [in the fund] were rapidly outstripping investments." Investigators determined that the relationship that Seabrook fostered between COBA and Platinum represented the only time in the union's history that it had invested in a hedge fund. In addition, COBA's investment was the only time in the fund's history that Platinum had taken money from a public pension fund. "We allege this was not a coincidence, it was corruption," Bharara said.

ABC 7 U.S. Attorney Preet Bharara outlines the scheme which he called a "simple quid pro quo."