Former Pimco CEO Douglas Hodge was sentenced to nine months behind bars – the longest sentence thus far – after pleading guilty to charges in connection to the “Varsity Blues” college admission scandal, according to officials and reports.
Hodge, formerly of global investment firm Pacific Investment Management Co., was accused of paying $850,000 to successfully get his daughter and son into the University of Southern California as purported soccer and football players, respectively. He had also tried to get his other child admitted into Loyola Marymount University, but was ultimately unable to do so, court papers show.
While handing down his sentence, the judge slammed the former executive for his “repeated and enduring criminal conduct," The Wall Street Journal reported.
Hodge, who pleaded guilty in October, was also fined $750,000.
"I have always prided myself on leading by example, and I am ashamed of the decisions I made," Hodge said in a statement upon pleading guilty. "I acted out of love for my children, but I know that this explanation for my actions is not an excuse."