SEC Charges Former CalPERS CEO and Friend With Falsifying Letters in $20 Million Placement Agent Fee Scheme
According to http://www.sec.gov/news/press/2012/2012-73.htm website Buenrostro (former CalPers CEO) directed placement agent fees to Villalobos through falsification of documents with CalPers logo. The placement fees paid were at least $20 million dollars.
The letter was a new requirement by this fund company for fees paid to placement agents that assisted in raising funds.
There seems to be no end of leading executives who continue to cross ethical lines to enrich themselves and their friends. Kudos to the SEC for identifying this action and hopefully, if found guilty, will apply a sufficient deterrence to discourage others from crossing over this very clear ethical line.
Edi Alvarez, CFP®
BS, BEd, MS