Both the Albuquerque Journal and the Associated Press are reporting that Marc Correra shared in $22 million in third-party marketer fees, a much larger total than the $16 million previously reported.

The new tally comes as the result of a new spreadsheet the State Investment Council handed out at its meeting yesterday. The new document shows the most up-to-date information related to investment deals the agency entered into, including a number of never-before-reported third-party marketing fees.

The newly reported fees come as part of the State Investment Council’s ongoing collection of information from fund managers who pay individuals the third-party marketing fees.

A quick tally from the new spreadsheet shows that Correra shared in more than $18 million in third-party marketing fees associated with SIC investment deals rather than the $11 million and change reported in an earlier SIC spreadsheet.

Add that to the more than $3 million in third-party marketing fees Correra received from fund managers who did business with the state’s Educational Retirement Board, and you get $22 million. The Educational Retirement Board’s tally of Correra’s share in third-party marketer fees came in a spreadsheet that agency released earlier this summer.

The sizable increase in the amount of fees Correra shared in apparently came as a surprise to State Investment Council officials.

Here’s an excerpt from the Albuquerque Journal story:

Correra’s involvement in dozens of state deals apparently wasn’t widely known.

“The staff was completely unaware of any relationship between Correra and Vanderbilt or that he had played a third-party marketer role,” State Investment Council spokesman Charles Wollmann said Tuesday.

As the Journal and the Associated Press note, the new document shows Correra, a Santa Fe broker, has been on the receiving end of about half of all third-party placement fees that state officials have been able to identify.

The placement or finder’s fees were paid to Correra and others by companies and hedge funds for their help in landing deals with the State Investment Council and Educational Retirement Board.

Correra is the son of Anthony Correra, a fundraiser and friend of Gov. Bill Richardson.

As the Journal reports, the elder Correra was involved in the hiring of State Investment Officer Gary Bland, who is the top staff member at the State Investment council.  The elder Correra at one point had office space in the State Investment Council and Bland has said he and Anthony Correra talked about markets almost daily, the Journal adds.

Marc Correra’s lawyers have defended their client by saying he has done nothing illegal and worked hard for this money. And no one has accused Correra of criminal wrongdoing.

This new tally of fees that Marc Correra shared in likely will incite more scrutiny from state lawmakers, who already were asking questions about how Correra came to make so much money.

Most of the newly disclosed fees paid to Correra came from Vanderbilt Capital, a firm already involved in a lawsuit over $90 million in lost state investments.

The biggest single third-party marketing fee Correra was paid appears to be $2 million associated with an investment deal involving Chicago-based Vanderbilt Financial Trust.

The State Investment Council and Educational Retirement Board lost $90 million after investing that money with Vanderbilt.

That loss of money is the subject of a lawsuit filed by a former investment officer with the Educational Retirement Board, Frank Foy, who has alleged that a pay-to-play culture existed at the state’s investment agencies. Bland and others named in the lawsuit have vigorously denied the allegations.

Third-party marketers such as Correra, until recently, were obscure figures in the investment world who acted as matchmakers between private investment funds and states looking for a good return on their money.

But increasingly they have become the target of scrutiny, partly because of a scandal that originated in New York has now spread to New Mexico.

The New York Attorney General has indicted the founder of New Mexico’s former investment adviser, Aldus Equity, as well as a man who shared in some third-party marketing fees with Marc Correra.

Among the allegations were that Aldus founder Saul Meyer helped the son of the New York state comptroller, Alan Hevesi, win a lucrative contract in New Mexico for a firm he was representing, in return for Aldus’ increased business in New York, according to the New York criminal complaint.

At the time, the comptroller’s son, Dan Hevesi, was acting as a third-party marketer. Meyer was charged in the New York criminal probe.

The charges against Meyer have thrown into question whether Aldus – which as the state’s investment adviser was supposed to vet the safety and risk factor of state investments — had always acted in New Mexico’s best interest, officials said.

Federal subpoenas released last week by the Educational Retirement Board show that the U.S. Attorney’s office is also interested in Aldus Equity, as well as who paid and received third-party marketing fees associated with New Mexico’s investment deals.