The Latest: California pension fund CEO sentenced to prison

AP News
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Posted: May 31, 2016 6:11 PM

SAN FRANCISCO (AP) — The Latest on the sentencing of former California pension fund CEO (all times local):

3:15 p.m.

A federal judge has sentenced the former head of the nation's largest public pension fund to four and 1/2 years in prison in a case in which he acknowledged accepting bribes and trying to steer investments to help an associate.

Senior U.S. District Court Judge Charles Breyer called the case against Federico Buenrostro seriously troubling before sentencing the former chief executive of the California Public Employees' Retirement System on Tuesday.

Buenrostro pleaded guilty two years ago, acknowledging that he started taking bribes around 2005 to try to get staff members to make investment decisions that helped Alfred Villalobos, an investment manager and former board member of the pension fund.

Buenrostro says he accepted more than $200,000 from Villalobos as well as a trip around the world. He apologized to the court before he was sentenced, saying he was humiliated, embarrassed and deeply ashamed.

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7:30 a.m.

Prosecutors want the former head of the nation's largest public pension fund sent to prison for four years after he acknowledged accepting bribes and trying to steer investments to help an associate.

A federal judge on Tuesday is expected to sentence Federico Buenrostro, former chief executive of the California Public Employees' Retirement System.

Buenrostro pleaded guilty two years ago, acknowledging that he started taking bribes around 2005 to try to get staff members to make investment decisions that helped Alfred Villalobos, an investment manager and former board member of the pension fund.

Buenrostro says he accepted more than $200,000 from Villalobos as well as a trip around the world.

Villalobos killed himself last year, weeks before he was to go on trial. He had pleaded not guilty to fraud charges.