Former Calpers head charged with fraud

Federico Buenrostro has been accused of falsifying documents to show that $14m's worth of fees paid by Apollo Global, which secured $3bn of private equity investment, were disclosed.

Also charged is Alfred Villalobos, head of placement agent Arvco and a former Calpers board member.

The charges are the latest development in a long-running fraud case regarding the payment of fees to access Calpers. The Californian pension fund said the latest developments were a step towards justice.

In response to the scandal, Calpers has terminated a number of its relationships with fund managers. It is thought asset managers had paid placement agents as much as $180m over a decade to win investments.

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