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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.