Former Pimco CEO Douglas Hodge charged in major college cheating scheme

FAN Editor

Former CEO Douglas Hodge of the large investment management firm Pacific Investment Management Co. was among the slew of business executives charged on Tuesday in a $25 million college admissions cheating scheme to help rich students enter elite colleges.

Hodge, who served as Pimco CEO from 2014 to 2016, allegedly agreed to use bribery to facilitate the admission of two of his children to the University of Southern California as athletic recruits, and tried enlist the support of a cooperating witness to help a third child get into college too, according to court documents.

Federal prosecutors allege that Hodge paid hundreds of thousands of dollars in bribes for his daughters’ admission into USC. Hodge retired from Pimco in November 2017 after working there for 28 years.

Among others charged are William McGlashan Jr., a senior executive at TPG Capital; Gordon Caplan, co-chairman of international law firm Willkie Farr; Agustin Huneeus, head of the Huneeus vineyard in Napa Valley and Manuel Henriquez, chairman and CEO of Hercules Technology Growth Capital, whose stock price fell more than 9 percent Tuesday afternoon.

Pimco declined requests for comment from CNBC.

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