CalPERS investigating $50 million ‘Pay to Play’ Placement Scheme

October 16th, 2009
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An investigation is underway involving fees of $50 million paid by the California Public Employees’ Retirement System (CalPERS), the largest public-pension fund in the US, to Arvco Financial Ventures, a manager run by former Calpers board member Al Villalobos.

According to the Wall Street Journal, this investigation comes right after California Governor Schwarzenegger signed legislation to ensure transparency regarding fees paid to placement agents. This new scrutiny will further damage the fund’s standing in the state, as CalPERS’ losses of over $50 billion during the financial crisis may force California taxpayers to pay for any deficits in state pension payments.

CalPERS denies any wrongdoing and says it will fully cooperate with any legal probes.
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Related Entities: California Public Employees' Retirement System; CalPERS Equities; CalPERS Investments
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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