Faded financier will get 9 months in college admissions scandal, stiffest penalty but

By | February 8, 2020

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Faded investment company CEO Douglas Hodge used to be sentenced to nine months in detention heart on Friday for his involvement within the college admissions bribery scandal, marking the most severe penalty handed down within the saga so a ways.

Hodge, 62, used to be sentenced in U.S. District Court in Boston to 500 hours of personnel carrier and ordered to pay $750,000 in fines, in accordance to The Related Press. Prosecutors first and major requested for a two-Three hundred and sixty five days sentence.

The U.S. Felony professional’s Assign of enterprise for Massachusetts tweeted regarding the knowledge on Friday and acknowledged the weak Pacific Funding Administration Co. CEO paid bribes within the volume of $850,000 over the path of four years, to abet pick up his four young folk into the College of Southern California and Georgetown College as counterfeit athletic recruits.

“Faded Pimco CEO Douglas Hodge sentenced to 9 months in detention heart for paying $850,000 to stable his young folk’s admission to university,” the tweet read.

CALIFORNIA PARENT TO PLEAD GUILTY IN COLLEGE BRIBERY SCANDAL

He also tried and failed, to pick up his fifth youngster into Loyola Marymount College, nonetheless his son used to be denied admission because he did no longer meet the college’s academic criteria.

Hodge also read a written apology when he made his assertion in court, the AP reported.

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“I in fact hold in my heart the deepest remorse for my actions. I understand and pick up that what I did used to be corrupt,” he acknowledged.

“I know that I unfairly, and finally illegally, tipped the scales in prefer of my young folk over others, over the hopes and desires of other folks, who had the the same aspirations for his or her young folk as I did for mine.”