Former Pimco CEO sentenced to 9 months in college admissions scandal

Former CEO sentenced in admissions scandal

A federal judge in Boston on Friday handed down the toughest sentence yet against a parent charged in the college admissions scandal. Of all the parents swept up in it, prosecutors said Douglas Hodge was especially prolific.

For nearly a decade, they said he paid Rick Singer, mastermind of the fraud $850,000 to get four of his children into Georgetown and USC as phony athletic recruits. He was wiretapped allegedly trying to get a fifth child into school.

The retired chief executive of investment giant, Pimco, begged the judge for leniency, admitting he "illegally, tipped the scales in favor of my children over others," and expressed his "deepest and sincerest regret."

Douglas Hodge leaves the federal courthouse in Boston
Douglas Hodge, the former chief executive of the investment firm Pimco, in Boston on February 7, 2020. Katherine Taylor / REUTERS

But Judge Nathaniel Gorton called Hodge's conduct "appalling" and "mind-boggling." He sentenced Hodge to nine months in prison, fined him $750,000, and ordered 500 hours of community service. That same judge will oversee the case of Lori Loughlin, who's charged with even more crimes.
 
"I guarantee you, she's freaking out today because she's concerned that what happened to Hodge is going to happen to her," said Criminal Defense Attorney Steve Meister.

In Hodge's case, the defense pointed out that he donated more than $30 million to philanthropic causes. In court, the judge said his charitable efforts earned him a discount on his sentence. Hodge must now surrender to federal prison on March 20.