May 11 2012

Former CalPERS Leaders in Trouble Over Placement Fees

In late April, 2012, California’s Attorney General filed a civil fraud suit against two defendents, Federico R. Buenrostro, formerly the CEO of CalPERS and Alfred J.R. Villalobos, former Board member of CalPERS, in tandem with a civil suit by the Federal Securities and Exchange Commission.  The two are accused of fabricating documents with a fake CalPERS logo purporting to represent CalPERS approval of “placement agent” fees of $20 million to be paid to the pair by the private equity firm Apollo Global Management, which handled some CalPERS investments.


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