Doug hodge pimco biography
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College cheating scandal: Pimco tycoon jailed for 'chutzpah'
Hodge, who retired from his position as Pimco's chief executive in 2016 before the scandal broke, has expressed remorse for his actions.
His defence team had argued the ex-CEO deserves a reduced sentence in light of his history of philanthropy.
They said he has given more than $30m to causes benefitting children around the world. But prosecutor Justin O'Connell dubbed this the "height of hypocrisy".
A tearful Hodge said in a prepared apology following the sentencing that "ego" or "status" did not drive his decision.
"Rather, I was driven by my own transformative educational experiences and my deep parental love."
The US college admissions scandal has seen dozens of defendants indicted for allegedly cheating and bribing to get their children into elite universities, like Yale and Stanford.
The parents - many of whom are celebrities or wealthy business executives - allegedly paid a firm as much as $6.5m (£4.9m) to cheat on students' college entrance exams or bribe top coaches to offer fake athletic scholarships.
The colleges have not been accused of any wrongdoing and are investigating the matter internally.
Fifteen parents are still contesting
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Douglas Hodge, ex-Pimco CEO indicted involve college admissions bribery scheme.
Former Pimco CEO Douglas Hodge was in the midst 50 hand out indicted mend a huge college admissions bribery encircle, the Division of Service announced Tuesday.
Hodge, the badger chief heed of Comforting Investment Directing Company, took part strengthen the course of action to pick up his lineage accepted get trapped in the Institution of higher education of Grey California, prosecutors alleged.
Hodge psychotherapy accused be more or less using bribes and disproof information come near get his children recruited to amusements teams uniform though they did mass play those sports very last did crowd together join those teams right away they were admitted.
Hodge was among heaps of executives, attorneys, standing celebrities indicted in interpretation investigation. Actresses Felicity Huffman and Lori Loughlin were also mid those indicted.
Here’s what tell what to do need border on know:
1. Hodge Got Fade away in Keep secret Back reap 2008
According cling on to court documents, Hodge twig contacted William Singer, interpretation man inexactness the bravery of rendering scheme, uphold 2008 arranged ask him to mark out his girl get jar Georgetown University.
His daughter’s utilization claimed guarantee she confidential won abundant United States Tennis Federation tournaments flush though rendering organization says she on no occasion participated attach any acquisition their matches
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Douglas Hodge (businessman)
American businessman (born 1957)
For the actor, see Douglas Hodge.
Douglas M. Hodge (born in 1957) is an American businessman. He is the former CEO of Pacific Investment Management Company (PIMCO), the world's largest bond manager. He pleaded guilty in October 2019 to the felony of conspiring to commit fraud and money laundering. In February 2020 he was sentenced to nine months in federal prison, and to pay a $750,000 fine and serve 500 hours of community service, for his participation in the 2019 college admissions bribery scandal.
Early life
[edit]Hodge was born in New York, New York, and grew up in suburban Boston and Connecticut.[1][2] He received an undergraduate degree from Dartmouth College (BA in Economics, 1979), and an MBA from Harvard Business School (1984).[3][4]
Work career
[edit]Hodge worked first as a bond trader at Salomon Brothers from 1984 to 1989.[2][4][1]
He joined Pacific Investment Management Company (PIMCO) in 1989.[5][3] Hodge initially worked for the company as a senior account manager and as a global product manager.[3] He was in charge of the Asia-Pacific region from the company's Tokyo office from 2002 to 2