Justin Baer reports at The Wall Street Journal that the giant bond investing firm, Pacific Investment Management Co. (Pimco), “was aware employees had used the services of the firm founded by the figure at the center of a sweeping college-admissions scandal but it had “no information” suggesting these workers acted improperly.”
Douglas Hodge, a longtime Pimco executive who served as its CEO until 2016, was one of 33 wealthy parents accused this week of paying for bogus entrance-exam scores or fake athletic achievements to get their children admitted into competitive colleges. Pimco is a bond-investing giant based in Newport Beach, Calif.
Federal prosecutors said in a complaint filed this week in federal court that Mr. Hodge conspired with William Rick Singer, who founded the college-prep firm called the Key, to bribe officials in exchange for securing admission for his children. Mr. Hodge’s dealings with Mr. Singer date back to at least 2008, according to the complaint.
Attorneys for Messrs. Hodge and Singer didn’t immediately respond to requests for comment. Earlier this week, Mr. Hodge said he planned to defend himself against the charges and declined to comment further.
Pimco in a statement Friday said some of its employees turned to Mr. Singer but it didn’t mention Mr. Hodge by name. “Like many families in Southern California, some Pimco employees have used Mr. Singer’s legitimate college prep services,” a spokesman said in the statement. “We have no information at this time, however, to indicate Pimco employees acted improperly in their private capacity.”
Read more here.
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