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REPORT: Former Chief Of Gigantic California Pension Fund Has Been Indicted In A Bribery Case

Julia La RocheMar 19, 2013, 01:43 IST

Former head of CalPERS Fred Buenrostro has been indicted in a criminal bribery case, according Sacramento Bee's Dale Kasler.

According to the report, Buenrostro was charged with conspiracy to commit fraud, conspiracy to obstruct justice and making false statements to the feds.

Former CalPERS board member Alfred Villalobos was also charged, the report said.

According to Bloomberg News, U.S. Attorney Melinda Haag in San Francisco alleges that Villalobos, the founder of Arvco Capital Research, acted as a placement agent to help private equity firm Apollo get investments from CalPERS.

The pair are accused of allegedly sending falsified investor disclosure letters to Apollo in 2008 and 2009 so the private equity firm would pay fees for securing the investments, the report said.

Buenrostro was the CEO of the California Public Employees' Retirement System from 2002 to 2008, according to Bloomberg.