The Securities and Exchange Commission is reportedly looking into possible misuse of the New York State Pension Fund while it was being managed by former State Comptroller Alan Hevesi.

The Associated Press says the SEC is looking into claims that investment firms paid friends of the former comptroller in exchange for opportunities for those firms to do business with the state's $154 billion pension fund.

The investigation could lead to a formal inquiry. It comes on the heels of investigations by the Albany district attorney and the state attorney general.

While there's no comment from Hevesi on the SEC's investigation, in the past his attorney has accused the state attorney general's office of waging a "smear campaign" and leaking information.

Hevesi resigned from office last December after pleading guilty to a charge of using state workers to chauffeur his wife.