Ex-Pimco chief executive Douglas Hodge charged in connection with US college admissions fraud scandal

 
Jessica Clark
Follow Jessica
New Haven's Cultural Offerings Make The City An Attractive Destination
Yale University is one of the colleges that was targeted in the alleged scheme (Source: Getty)

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.

Read more: UBS to protect dividend after €4.5bn fine in French tax fraud trial

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."

Read more: Serious Fraud Office drops probes into Rolls-Royce and GSK

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.