‘Billion mastermind Kaloyeros resigns

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The fall from grace is just about complete for Alain Kaloyeros. The so-called “nano-tech guru” who Gov. Andrew Cuomo has praised as a “near genius” has resigned as CEO of SUNY Polytechnic Institute.

His success building a nano-technology sector in the Albany area prompted Cuomo to put Kaloyeros in charge of his initiative to revitalize the upstate economy through a series a big-ticket projects in Buffalo, Dunkirk, Rochester, Syracuse and Utica.

But reporting by Investigative Post into the awarding of a lucrative contract to LPCiminelli to build a factory for SolarCity triggered investigations by U.S. Attorney Preet Bharara and State Attorney General Eric Schneiderman. Nine government officials and business executives face bribery and fraud charges; Kaloyeros is the only one facing both federal and state prosecution.

He is accused of deviating from normal state procurement rules in the awarding contracts to favored businesses, some of whom were major donors to Cuomo’s campaign. His resignation came in the face of growing pressure for him to step down.