The former chief executive of Pimcohas pleaded guilty to charges in relation to the ongoing Operation Varsity Blues college admissions bribery scandal in the United States.
Douglas Hodge, a resident of Laguna Beach, was accused of paying a total of $525,000 to have his daughter and son admitted to USC as phony soccer and football recruits.
In a statement, Hodge — who headed Pimco, one of the world's largest asset managers, from 2014 to 2016 — told the court he had acted "out of love for my children". He apologised to "deserving college students who may have been adversely impacted by this process."
Prosecutors alleged that beginning in 2012, Hodge agreed to pay Singer $200,000 to misrepresent his daughter to USC as a soccer standout — co-captain of "a Japanese national soccer team" and an "All-American midfielder" — which helped secure her admission to the school in 2013 as a recruited athlete, according to charging documents filed in federal court.
He later agreed to pay Singer another $325,000, beginning in 2014, to similarly facilitate his son's admission to USC as a football recruit using falsified athletic profiles.
Hodge was one of 35 of affluent parents who paid some $25m in bribes to William "Rick" Singer. The corrupt college admissions adviser helped win admission for their children to top universities by doctoring their test results or making them appear like elite athletics recruits.
The parents charged in the investigation include executives and celebrities, such as "Desperate Housewives" star Felicity Huffman and "Full House" actress Lori Loughlin. So far, 10 parents have been sentenced in what has been billed as one of the biggest cheating scandals in US higher education.