SEC Claims Ex-Calpers CEO Steered $20 Million to Friend
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A former chief executive of the California Public Employees’ Retirement System was sued by U.S. regulators over claims he defrauded an investment firm into paying $20 million in fees to a friend’s placement agencies.
Federico Buenrostro, who was Calpers CEO from 2002 to 2008, and Alfred Villalobos, the former deputy mayor of Los Angeles, fabricated documents given to New York private-equity firm Apollo Global Management to present the false impression that the pension fund had reviewed and signed placement-agent fee-disclosure letters, the Securities and Exchange Commission said today in a lawsuit filed in U.S. District Court in Nevada.