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SEC charges former CalPERS CEO
24 April 2012
The CEO and a friend defrauded an investment firm into paying $20m in fees to the friend's placement agent firms
The Securities and Exchange Commission has charged the former CEO of the California Public Employees' Retirement System (CalPERS) and his close personal friend with scheming to defraud an investment firm into paying $20m in fees to the friend's placement agent firms.
The SEC alleges that former CalPERS CEO Federico Buenrostro and his friend Alfred Villalobos fabricated documents given to New York-based private equity firm Apollo Global Management. Those documents gave Apollo the false impression that CalPERS had reviewed and signed placement agent fee disclosure letters in accordance with its established procedures.
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