Former PIMCO CEO, Celebrities Charged in Bribery Scheme
March 14, 2019 by 401kspecialistmag
(401kspecialistmag) — Former PIMCO CEO Douglas Hodge is among a number of business executives, celebrities and coaches charged in a sweeping indictment alleging bribery in the admission of their children to elite universities.
Hodge was PIMCO’s CEO from 2014 to 2016, a tumultuous time for the bond fund giant following the departure of the company’s founder and face, Bill Gross.
“Hodge agreed to use bribery to facilitate the admission of two of his children to USC as purported athletic recruits and sought …to secure the admission of a third child to college through bribery as well,” according to the criminal complaint, announced by the FBI in Boston on Tuesday.
The scheme involved athletic recruiting even though many of the applicants were not athletes, and involved payments to William Rick Singer, owner of a college prep business in California.
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