- Associated Press - Tuesday, May 31, 2016

SAN FRANCISCO (AP) - The Latest on the sentencing of former California pension fund CEO (all times local):

3:15 p.m.

A federal judge has sentenced the former head of the nation’s largest public pension fund to four and 1/2 years in prison in a case in which he acknowledged accepting bribes and trying to steer investments to help an associate.

Senior U.S. District Court Judge Charles Breyer called the case against Federico Buenrostro seriously troubling before sentencing the former chief executive of the California Public Employees’ Retirement System on Tuesday.

Buenrostro pleaded guilty two years ago, acknowledging that he started taking bribes around 2005 to try to get staff members to make investment decisions that helped Alfred Villalobos, an investment manager and former board member of the pension fund.

Buenrostro says he accepted more than $200,000 from Villalobos as well as a trip around the world. He apologized to the court before he was sentenced, saying he was humiliated, embarrassed and deeply ashamed.

___

7:30 a.m.

Prosecutors want the former head of the nation’s largest public pension fund sent to prison for four years after he acknowledged accepting bribes and trying to steer investments to help an associate.

A federal judge on Tuesday is expected to sentence Federico Buenrostro, former chief executive of the California Public Employees’ Retirement System.

Buenrostro pleaded guilty two years ago, acknowledging that he started taking bribes around 2005 to try to get staff members to make investment decisions that helped Alfred Villalobos, an investment manager and former board member of the pension fund.

Buenrostro says he accepted more than $200,000 from Villalobos as well as a trip around the world.

Villalobos killed himself last year, weeks before he was to go on trial. He had pleaded not guilty to fraud charges.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide