TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Ex-CalPERS CEO, board member charged with fraud

By The Associated Press
Tuesday, March 19, 2013, 12:01 a.m.
 

Federal officials have charged the former head of the nation's largest pension fund and one of his business associates in an influence peddling and bribery case.

A federal grand jury on Monday indicted Fred Buenrostro, the former CEO of the California Public Employees' Retirement System, and former CalPERS board member Alfred Villalobos with conspiring to commit fraud, obstruction of justice and other charges.

The Securities and Exchange Commission filed a lawsuit against the pair last year.

The SEC alleged the pair fabricated financial documents to dupe a prominent investment firm into paying $20 million in fees to Villalobos' firms for investing $3 billion worth of CalPERS' money.

Buenrostro was CalPERS' CEO from late 2002 through June 2008. The day after retiring from CalPERS, he began working at Villalobos' firm.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Cranberry-based Prodigo Solutions: Hospitals can reduce high supply costs
  2. With acquisition, PNC set to enter IPO market
  3. Allegheny Health Network expands women’s services in competition with UPMC
  4. Consumer spending climbs as job gains boost incomes
  5. State cites Patriot Coal in W.Va. mine accident
  6. Another card system hack at Supervalu, Albertsons
  7. Jobless baby boomers struggle to get back in game
  8. Stocks decline on overseas political troubles
  9. Look for strengths before writing off employees
  10. Study: Wellness programs don't save money, but employee health improves
  11. RadioShack decline belies its longevity
Subscribe today! Click here for our subscription offers.