WASHINGTON (AP) — Federal regulators say the former CEO of a massive California employee pension fund conspired with a friend of his to trick a prominent investment firm into paying $20 million in fees to the friend's firms.
The Securities and Exchange Commission on Monday filed civil fraud charges against Federico Buenrostro, the former CEO of the California Public Employees' Retirement System, known as CalPERS, and his friend Alfred J.R. Villalobos.
The SEC said the pair fabricated documents to trick investment firm Apollo Global Management into paying fees to Villalobos's firms for helping sell securities.
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