Ex-CalPERS Execs Face Charges In $3B Pay-To-Play Scheme

Law360, Los Angeles (March 18, 2013, 10:28 PM EDT) -- The U.S. Department of Justice has filed federal criminal charges against Alfred J.R. Villalobos and Federico Buenrostro, accusing the disgraced ex-California Public Employee Retirement System board member and CEO of conspiring to commit fraud in connection with a notorious $3 billion pay-for-play investment scheme, the DOJ announced Monday.

In an indictment filed Thursday, the DOJ charges the defendants with conspiring 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...
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