Suit: Former CalPERS CEO Got Gifts From Board Member
The state has filed a lawsuit charging former CalPERS CEO Fred Buenrostro with accepting gifts from former board member Alfred Villalobos in exchange for CalPERS deals that would have favorable results for Villalobos and his clients. Since leaving the CalPERS board in 1995, Villalobos worked as a placement agent, securing pension fund investments for clients. Another CalPERS officer and board member also accepted gifts from Villalobos. The suit seeks $70 million in damages and fines.
- "California Sues Former CalPERS Officials, Alleging Fraud, Kickbacks" (Kasler, Sacramento Bee, 5/7).