USA – Ex-Calpers CEO Pleads Guilty to Fees Bribery Conspiracy
Federico Buenrostro, the former chief executive officer of the California Public Employees’ Retirement System, pleaded guilty to steering $14 million in placement fees to a former board member in exchange for cash bribes and gifts. Buenrostro, who headed the country’s biggest pension fund from 2002 to 2008, entered his plea today in federal court in San Francisco. He admitted to conspiring to commit bribery and defrauding the U.S. and the state of California for his efforts on behalf of Alfred Villalobos, an ex-board member who brokered a $3 billion investment by Calpers in funds managed by Apollo Global Management LLC. (APO) Calpers had $288 billion under management as of March 31. Buenrostro gave Villalobos access to confidential information on Calpers investments and advised the board to make financial decisions that would benefit…