According to Reuters, Douglas Hodge, the former chief executive of the investment firm Pimco, was accused of taking part in a scheme in which wealthy parents paid for their children to cheat their way into elite U.S. colleges. 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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