Judge: Villalobos’ assets to remain frozen in CalPERS case
By Dale Kasler, Sacramento Bee
A judge kept intact the freeze on former CalPERS board member Alfred Villalobos’ assets Friday, dealing a setback to the man accused of bribing top officials with the pension fund.
Villalobos’ gambling habits weighed heavily on Los Angeles Superior Court Judge John Reid, who refused the Lake Tahoe businessman’s attempt to unfreeze his real estate holdings, luxury cars and other assets.
Attorney General Jerry Brown is suing Villalobos for $95 million, saying he bribed officials with the California Public Employees’ Retirement System to influence investment decisions. Brown’s lawyers said Villalobos has squandered $68 million already and could dissipate the rest of his fortune before the state can collect on its lawsuit.