Update: Ex-CalPERS CEO Admits Taking Cash Bribes

Fred Buenrostro, the former CEO of CalPERS, pleaded guilty today to a charge of conspiracy to commit bribery and fraud. Furthermore, Buenrostro admitted taking US$ 200,000 in cash bribes from his former colleague Alfred Villalobos. He took the cash through a shoe box and paper bags. Other benefits include casino chips. In return, Buenrostro attempted to influence the pension’s board members and investment staff to allocate capital to funds pushed by Villalobos. He admitted to forging letters to allow Villalobos to collect placement agent fee commissions.

Buenrostro could face up to 5 years in prison.

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