Douglas Michael Hodge was born in New York Town in 1957, but subsequently moved to the Boston suburbs and then to Connecticut. He was evidently effectively-off and brilliant, earning admission to Dartmouth, from which he graduated in 1979 with a diploma in Economics. Five a long time later he concluded an MBA at Harvard University’s Business College. He went to perform for Salomon Brothers as a bond trader and stayed there for 5 a long time, leaving in 1989 to be a part of the then Bill Gross-led Pacific Financial commitment Management Business (“PIMCO”) as an account supervisor. This is the very same PIMCO later acquired by the German coverage and asset administration giant Allianz Versicherung, SE.
Hodge was fairly effective at PIMCO, mounting to turn out to be, by 2002, the Asia-Pacific Regional Supervisor, and by 2009, PIMCO’s Chief Functioning Officer. Although his yearly income is not publicly obtainable, it can moderately be assumed that he was very well compensated for his efforts on behalf of America’s main bond investing and investing home. He experienced settled in Greenwich, Connecticut, with his wife and their three young children. In 2014, Hodge was created Main Govt Officer of PIMCO and been given a reward that year of $45 million. He was on the boards of both PIMCO and Allianz Asset Administration and on the government committee of the Securities Business and Fiscal Marketplaces Association. He retired from PIMCO in 2017.
As his youngsters approached faculty age, Hodge apparently turned concerned about the place they might be capable to go to school. He grew to become included with a “college admission counselor” named William Singer, and compensated $525,000 to “facilitate the admission of two of his children to a personal research college found in California.” The university included, USC, admitted the two on the basis of falsified athletic credentials, with the payments going to USC athletic division staff.
In the subsequent federal prosecutions in Boston, which were dubbed the “Varsity Blues” prosecutions, Hodge pled guilty and was sentenced to provide 9 months in federal prison, two many years of supervised launch, 500 hours of group provider, and payment of a $750,000 good. This was by significantly the most severe sentence imposed on the “Varsity Blues” mothers and fathers. 1 can only marvel if the judge was specially affronted by this wealthy, successful father partaking in criminal bribery to get his young children into the sought after faculty.
It also ought to be pointed out that Hodge was a individual registered with the U.S. Securities and Trade Commission (“SEC”) with a succession of registered broker-dealers affiliated with PIMCO, possessing received his Sequence 7 and 63 in 1991 and his Collection 65 license in 1996. On Tuesday, August 3, 2021, the SEC instituted Administrative Proceedings towards Hodge and imposed sanctions to which he agreed particularly, barring him from association with any broker, seller, financial investment adviser, municipal securities supplier, municipal advisor, transfer agent, or nationally acknowledged statistical ranking firm. He was also barred from being included with any offering of a penny stock. Hodge has now misplaced both his status and his job. So substantially for parental hubris.
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