Former CalPers CEO Fred Buenrostro, one time investment chief at the US’s largest state pension fund, is admitting to a pay-for-play scandal and is implicating his one-time collaborator. Former Calpers CEO admits receiving payment for order flow In recently released court documents, Buenrostro acknowledges he received what is known as “payment for order flow,” secret agreements to direct investments with favored companies and hedge funds. Buenrostro claims he received $200,000 in cash, stuffed in a shoebox, from Alfred Villalobos that was one component of a longer relationship. Villalobos is a third party marketer accused of facilitating payments so that the California…
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