A former portfolio manager of New York state’s pension fund steered more than $2 billion in business to two brokerage firms in exchange for bribes that included prostitutes, cocaine, concert tickets and a $17,400 Panerai watch, federal prosecutors said Wednesday.

“This was an age-old and classic tale of quid-pro-quo corruption,” U.S. Attorney Preet Bharara said at a news conference in Manhattan announcing the indictment.

Concerns about improper influence peddling have long plagued the pension world, where outside investment firms compete to manage hundreds of billions in retirees’ money in exchange for lucrative fees.

Those who oversee assets of public employees are supposed to ensure that firms selected to invest or trade are chosen based on performance instead of political connections. But the new accusations in New York represent the third high-profile case in the past decade where access to pension money was allegedly sold to favored firms that provided kickbacks.

In 2014 the former chief executive of the California Public Employees’ Retirement System admitted to accepting cash bribes from a former board member who acted as a middleman between the giant retirement system and outside money managers. Four years earlier, former New York State Comptroller Alan Hevesi pleaded guilty to accepting nearly $1 million in travel and other benefits from a California money manager who won $250 million in investments from the state’s pension fund.