Ex-chief of huge pension fund guilty of bribery

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Updated: 7/11 11:40 am

SAN FRANCISCO (AP) — A former head of the nation's largest public pension fund has pleaded guilty to bribery and fraud in California

Federico Buenrostro Jr., former chief executive of the California Public Employees' Retirement System, entered his plea Friday in federal court in San Francisco.

Authorities say Buenrostro acknowledged accepting $200,000 in cash and casino chips from Alfred Villalobos, a Lake Tahoe, California, investment manager who also served on the CalPERS board.

Buenrostro said he used his influence with the CalPERS board to make investment decisions beneficial to Villalobos' clients.

Buenrostro was CEO of CalPERS from late 2002 through June 2008. Villalobos also paid for Buenrostro's wedding and hosted it at his home in 2004.

Villalobos has pleaded not guilty to fraud charges and other related counts.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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