Former PIMCO CEO Faces Judge For College Admission Scam
BOSTON (CBS/AP) - Douglas Hodge, the former CEO of investment management company PIMCO, appeared in Boston Federal Court on Tuesday. Hodge is one of 50 people charged in a massive college admissions scam.
Hodge is charged with conspiracy to commit mail fraud. A judge ordered him to post a $500,000 bond.
According the criminal complaint, Hodge paid over a half a million dollars in bribes to, "facilitate the admission of two of his children to USC as purported athletic recruits."
The complaint states Hodge was recorded on an FBI wiretap asking Rick Singer, the alleged architect of the scheme, to help him use the same scam to help a third child get into college.
Oscar-nominated actress Felicity Huffman and Lori Loughlin, of ABC's "Full House," were also charged in the scheme that included ACT and SAT exam administrators, an exam proctor, one college administrator and nine coaches at elite schools.
On Wednesday, a federal judge in Los Angeles said Loughlin can be released after posting $1 million bond in the case in which she and her husband are accused of paying bribes to get their daughters into college.
Loughlin stood with her lawyer in the Los Angeles courtroom Wednesday and didn't speak except to answer "yes" to the judge's questions.
Magistrate Judge Steve Kim said Loughlin must limit her travel to the continental U.S. and areas around Vancouver, Canada, for work.
Prosecutors allege Loughlin and her husband paid $500,000 to have their daughters labeled as crew-team recruits at the University of Southern California, even though neither is a rower.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
