BOSTON/LOS ANGELES (Reuters) – Douglas Hodge, the former chief executive of the investment firm Pimco, appeared in federal court in Boston on Tuesday accused of taking part in a sprawling scheme in which wealthy parents paid for their children to cheat their way into elite U.S. colleges.
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“Full House” actor Lori Loughlin, another of the 33 parents charged in the $25 million scam, was due to appear in a Los Angeles court later on Tuesday after being taken into custody earlier in the day.
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Hodge said little during a brief court appearance beyond acknowledging that he understood the charges. A magistrate judge released him on $500,000 secured bond over the objections of a federal prosecutor who said Hodge’s wealth made him a flight risk.
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The two are among 50 people charged for taking part in the largest such scam in U.S. history, which steered students into elite universities, including Yale, Georgetown and Stanford, by cheating the admissions process.
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Another parent charged in the scheme, Manuel Henriquez, resigned as chief executive officer of the finance company Hercules Capital, the company said early on Wednesday..