Former financier gets 9 months in college admissions scandal, stiffest penalty yet
{{#rendered}} {{/rendered}}Former investment company CEO Douglas Hodge was sentenced to nine months in prison on Friday for his involvement in the college admissions bribery scandal, marking the most severe penalty handed down in the saga to date.
Hodge, 62, was sentenced in U.S. District Court in Boston to 500 hours of community service and ordered to pay $750,000 in fines, according to The Associated Press. Prosecutors originally asked for a two-year sentence.
The U.S. Attorney's Office for Massachusetts tweeted about the news on Friday and said the former Pacific Investment Management Co. CEO paid bribes in the amount of $850,000 over the course of four years, to help get his four children into the University of Southern California and Georgetown University as fake athletic recruits.
{{#rendered}} {{/rendered}}"Former Pimco CEO Douglas Hodge sentenced to 9 months in prison for paying $850,000 to secure his children’s admission to college," the tweet read.
CALIFORNIA PARENT TO PLEAD GUILTY IN COLLEGE BRIBERY SCANDAL
He also tried and failed, to get his fifth child into Loyola Marymount University, but his son was denied admission because he did not meet the school's academic criteria.
{{#rendered}} {{/rendered}}Hodge also read a written apology when he made his statement in court, the AP reported.
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“I have in my heart the deepest remorse for my actions. I understand and accept that what I did was wrong," he said.
{{#rendered}} {{/rendered}}"I know that I unfairly, and ultimately illegally, tipped the scales in favor of my children over others, over the hopes and dreams of other parents, who had the same aspirations for their children as I did for mine."