“A Spectacular Breach Of Trust” – Former CalPERS (The CA state employee pension fund) CEO Sentenced To Prison For Bribery

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CalPERS is a massive financial beast. It is a whale in the pension world. Billions of taxpayer dollars and employee contributions flow into it. And everyone wants a piece. Apparently.

(From Zerohedge)

The sentencing is the result of a years-long investigation into money management middlemen who helped clients win investment business from the fund which as about $290 billion in assets. Buenrostro faced up to five years in prison but the US attorney’s office asked for a four year term, citing Buenrostro’s cooperation.  As part of a plea deal, Buenrostro acknowledged giving Villalobos access to confidential investment information and forging letters that enabled firms connected with Villalobos to collect a $14 million commission on $3 billion worth of pension fund investments. The former CEO has also agreed to pay back $250,000 to the state.

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