SACRAMENTO — The former head of California’s employee pension fund pleaded guilty Friday to accepting bribes, including $200,000 stuffed in paper bags and a shoe box, in exchange for steering investments to a friend.
Federico “Fred” Buenrostro Jr. faces a potential five years in prison under terms of a plea agreement filed in the U.S. District Court for the Northern District of California. The former CEO of the California Public Employees Retirement System was charged with taking money, gifts, international trips and a job from onetime CalPERS board member Alfred Villalobos. Buenrostro, in turn, pushed billions of dollars in investments into private equity funds represented by Villalobos’ placement firm, ARVCO, according to the pleading.
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