Ex-CEO of PIMCO, a Laguna Beach Resident, to Plead Guilty in College Admissions Scam
Douglas Hodge, the former chief executive of investment giant PIMCO, is expected to plead guilty to an indictment charging him with conspiracy to commit fraud and money laundering, federal prosecutors in Boston said Thursday.
The expected plea is the latest sign that some of the parents who have so far maintained their innocence in the college admissions scandal may be caving after months of legal wrangling and public scorn.
Hodge, a resident of Laguna Beach, is accused of paying a total of $525,000 to have his daughter and son admitted to USC as phony soccer and football recruits.
Hodge’s forthcoming guilty plea, scheduled for Oct. 21, is significant. He is the first to signal an intention to plead guilty among a group of parents who, after balking at an early deal from prosecutors to plead to a single fraud conspiracy charge, were saddled with an additional charge of money laundering.
Read the full story at LATimes.com.