(California Public Employees' Retirement System) Ex-Calpers chief accused of fraud
Source: Financial Times
A former head of the California Public Employees’ Retirement System, the largest US pension fund, has been hit with civil charges accusing him of defrauding Apollo Global, the private equity group.
The Securities and Exchange Commission accused Federico Buenrostro, former Calpers chief executive, and a friend of fabricating documents designed to show that $20m in fees paid by Apollo to Arvco, a “placement agent”, for help securing the pension fund’s investment had been fully disclosed.
Mr Buenrostro and Alfred Villalobos, head of Arvco, were both accused in the lawsuit filed by the SEC. Mr Buenrostro and Mr Villalobos could not be reached directly for comment. “Mr Buenrostro strongly denies any suggestion that he was involved in any type of fraudulent or illegal conduct”, said Bill Kimball, his lawyer.
Apollo has not been accused of any wrongdoing. In a statement Apollo described the allegations as “troubling” and said that it had “co-operated fully with the regulatory agencies investigating this matter, and will continue to do so”.
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