Politics & Government
CalPERS Settles Lawsuit for Bribery, Firm to Pay State $20 Million
The State of California sued CalPERS CEO and a Nevada investment bank for a bribery scheme.
RENO, NV- CalPERS settled a civil lawsuit with the State of California today, agreeing to pay $20 million for bribery accusations, which includes $10 million in attorney fees.
Nevada investment bank, Arvco Capital Research, agreed to pay the state following accusations that the owner, Alfred Villalobos bribed officials at CalPERS. Villalobos has since passed away according to reports by the SacBee.
State officials reportedly filed the lawsuit nearly six years ago against Villalobos personally, the bank, and the former CalPERS CEO Fred Buenrostro stating they had created a scheme to steer investment money Villalobos’ private investment firms over a several year period.
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Buenrostro also settled, agreeing to pay the state $250,000.
Read more in the article by SacBee
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