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US college admissions scandal snares former Pimco CEO

US Justice Department charges dozens of people in a vast college admissions bribery scandal

Douglas Hodge spent almost 30 years at Pimco
Douglas Hodge spent almost 30 years at Pimco Photo: Getty Images

The Justice Department’s charges against dozens of people in a vast college admissions bribery scandal includes allegations that some professionals in the investment world were involved in the schemes.

According to the complaint, participants in the scheme allegedly bribed university athletic coaches and administrators to designate applicants as “athletic recruits”. Some also allegedly bribed college entrance exam administrators to allow for cheating and extra time on exams. And some allegedly submitted falsified applications to schools, claiming that their children were involved in athletics and received fake awards.

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