Skip to comments.UPDATE 2-SEC charges former Calpers CEO with fraud scheme
Posted on 04/23/2012 3:35:32 PM PDT by ColdOne
* SEC says ex-CEO, ex-board member fabricated documents
* Two charged with scheming to defraud a firm of $20 mln
(Reuters) - A former chief executive of Calpers, the biggest U.S. public pension fund, and a former board member were charged by federal regulators on Monday with scheming to defraud Apollo Global Management, a private equity firm, of more than $20 million in placement fees.
The U.S. Securities and Exchange Commission said that Federico Buenrostro, a former chief executive of the California Public Employees' Retirement system, and Alfred Villalobos, a friend and former board member who became a placement agent, fabricated documents as part of the fraud.
Villalobos is also a former deputy mayor of Los Angeles.
Investment firms hire placement agents to help them land business at pension funds.
(Excerpt) Read more at reuters.com ...
Dems , I’m assuming...