Ex-CalPERS Exec Pleads Not Guilty To $3B Pay-To-Play Plot

Law360, New York (April 10, 2013, 12:21 PM EDT) -- Former California Public Employee Retirement System board member and ex-deputy mayor of Los Angeles Alfred Villalobos on Tuesday pled not guilty to conspiring to commit fraud with ex-CalPERS CEO Federico Buenrostro in connection with a notorious $3 billion pay-for-play investment scheme.

Villalobos was arraigned on charges that he and Buenrostro conspired to commit mail and wire fraud during the alleged pay-to-play scheme involving CalPERS and Arvco Capital Research LLC, a financial services firm that was founded by Villalobos and hired Buenrostro shortly after his retirement from...
To view the full article, register now.