Former PIMCO CEO Douglas Hodge has five kids. Five thick kids, apparently, or at least too thick for their preferred colleges, in this case Georgetown, USC (yikes) and Loyola Marymount (whoa). But Hodge is (in his way, we guess) a good daddy and put a series of down payments totaling $850,000 on those dreams, which worked 80% of the time. Of course, at the time, Hodge didn’t know that it was a down payment, and that there would be one final, rather significant installment to pay.
The former head of asset management firm Pimco was sentenced on Friday to nine months in prison for his part in a scheme in which privileged parents paid bribes to get their children into U.S. colleges, federal prosecutors said.
Douglas Hodge, who retired as chief executive of Allianz SE’s California-based Pimco in 2016, also was sentenced to two years of supervised release, a $750,000 fine and 500 hours of community service, a spokeswoman for Boston U.S. Attorney Andrew Lelling said in an email.