Ex-CalPERS CEO, board member charged with fraud
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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Insurer Aetna to buy Humana in $37B deal
- Critics find hotels’ hidden fees to be inhospitable
- U.S. calls Fiat Chrysler recall record dismal
- Facebook lures premium content from YouTube
- 2Q mutual fund review: Momentum stalls
- U.S. employers add 223K jobs, jobless rate falls to 5.3%
- Stocks end tumultuous week on down note
- H-D Advanced Manufacturing in Franklin Park buys aerospace components maker Firstmark
- Kraft shareholders approve merger with Heinz
- SEC votes to expand clawbacks of executive bonuses
- U.S. Steel, Alcoa lead June decline