Former Pimco chief executive Douglas Hodge has been charged in relation to a US university admissions fraud scandal.
Hodge, 61, has been charged with conspiracy to commit mail and wire fraud in connection to an alleged elite college admissions exam cheating scheme.
US prosecutors allege that parents paid William “Rick” Singer to cheat entrance exams and bribe sports coaches and university administrators to get their children into top US schools including Yale and Stanford universities.
The charge sheet said: "Between approximately 2011 and February 2019, Singer allegedly conspired with dozens of parents, athletic coaches, a university athletics administrator, and others, to use bribery and other forms of fraud to secure the admission of students to colleges and universities including Yale University, Georgetown University, Stanford University, the University of Southern California, and Wake Forest University, among others.
"Also charged for their involvement in the scheme are 33 parents and 13 coaches and associates of Singer’s businesses, including two SAT and ACT test administrators."
Manuel Henriquez, 55, resigned as chief executive of Californian private equity firm Hercules Capital as shares in the firm plunged following the revelation that he had been charged.
Private equity investor John Wilson, 59, investment firm chief executive Robert Zangrillo, 52, and 52-year-old Gordon Caplan, co-chairman of law firm Willkie Far & Gallagher, have also been charged.