by The Compliance Exchange on April 24, 2012
From LA Times:
Federal securities regulators sued a former chief executive and a former director of the California Public Employees’ Retirement System, accusing them of scheming to defraud an investment firm of $20 million.
The Securities and Exchange Commission alleged that former CEO Federico Buenrostro Jr., 62, and former director Alfred J.R. Villalobos, 68, fabricated documents requested by Apollo Global Management, a New York private equity firm.
Apollo had hired Villalobos, a close friend of Buenrostro, as a so-called placement agent to secure billions of dollars of investments from the country’s largest public pension fund.
Read more here.