California News

Ex-CalPERS chief charged with fraud

Tuesday, April 24, 2012

The former CEO of California's big employee pension fund is in serious legal trouble Tuesday morning.

The U.S. Securities and Exchange Commission (SEC) filed civil fraud charges against Federico Buenrostro and his friend Alfred J.R. Villalobos Monday.

Buenrostro headed the California Public Employees' Retirement System (CalPERS).

The SEC says the men fabricated documents with a fake CalPERS logo to trick prominent investment firm Apollo Global Management into paying $20 million in fees to Villalobos's companies for helping market securities.

There's been no comment from either man about the charges.

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