O.C. Parent With ‘Unlimited Resources’ Released on Bail After Being Charged in College Admissions Scheme
A former top investment manager has appeared in court on charges of paying bribes to get three of his children into top universities as part of a widespread admissions bribery scandal.
The Boston Globe reports that former PIMCO chief executive Douglas Hodge was released Wednesday on $500,000 bond after briefly appearing in federal court in Boston.
He faces charges including conspiracy to commit mail fraud. He didn’t enter a plea.
Hodge was granted bail despite a plea from prosecutors, who called him a flight risk with “unlimited resources.”
A lawyer for the 61-year-old Laguna Beach, California, man said Hodge isn’t a flight risk and he returned to the U.S. when he learned of the charges.
Prosecutors say he got his children into school by faking their athletic achievements.
Correction: An image posted in an earlier version of this article included a photo showing a different Douglas Hodge. The photo has been removed.