Skip to content

Former CalPERS chief sentenced to prison in bribery scandal- Sac Bee

August 15, 2016

Calpers is the state agency that invests the pensions of California State Employees.  The pensions are hugely underfunded.  The pension managers would all be jailed if Calpers were a private pension organization.  California tax payers will pay the shortfall. RM

 

Fred Buenrostro, the former chief executive of CalPERS, was sentenced Tuesday by a federal judge who called his actions “a spectacular breach of trust.”

Buenrostro, 66, pleaded guilty to a conspiracy charge nearly two years ago, admitting he took more than $250,000 in cash and other bribes from his friend and former CalPERS board member Alfred Villalobos. Prosecutors said Villalobos was attempting to steer pension fund investments to the private equity firms he represented.

Read more here: http://www.sacbee.com/news/business/article80982407.html#storylink=cpy
Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: