SOUTHERN ARIZONA (SGT NEWS) - Telling reporters that he “acted in a way that violates my obligations to my family”, New York Governor Eliot Spitzer has been accused of involvement in a prostitution ring based on information recovered in a federal wiretap investigation.

"I have disappointed and failed to live up to the standard I expected of myself," he said. "I must now dedicate some time to regain the trust of my family."

Court papers identified the prostitution ring as the “Emperors Club VIP”, which facilitated connections between primarily wealthy individuals in major cities across the world, including New York and Los Angeles at home, and London and Paris abroad.

The highest ranked prostitutes within the network cost $5,500 an hour.

Governor Spitzer issued a statement and appears below, in full.

"Good afternoon.

"For the past nine years, eight years as attorney general, and one as governor, I have tried to uphold a vision of progressive politics that would rebuild New York and create opportunity for all. We sought to bring real change to New York and that will continue.

"Today I want to briefly address a private matter. I have acted in a way that violates my obligations to my family and violates my, or any, sense of right and wrong. I apologize first and most importantly to my family. I apologize to the public, whom I promised better.

"I do not believe that politics in the long run is about individuals. It is about ideas, the public good, and doing what is best for the state of New York. But I have disappointed and failed to live up to the standard I expected of myself. I must now dedicate some time to regain the trust of my family.

"I will not be taking questions. Thank you very much. I will report back to you in short order. Thank you very much."