Charles Valdes, longtime CalPERS board member, agreed to pay a $12,500 fine to settle charges that he accepted contributions for his 2005 runoff campaign that exceeded legal limits.
The settlement, posted on the California Fair Political Practices Commission website, must be approved by the commission board at its scheduled Dec. 10 meeting.
Commission documents show that the Valdes campaign had stated it had accepted seven contributions totaling $38,600 after the campaign was over. State law limits any single campaign contribution per election for CalPERS board members to $3,300.
Mr. Valdes had no reported expenses for the campaign.
Mr. Valdes could not be immediately reached for comment, but he acknowledged in the FPPC documents that he accepted the contributions, saying he mistakenly believed that a higher $5,600 statewide elected office limit applied. He did not say what was done with the money.
Much of the contributions received by the Valdes campaign came from people working or associated with Alfred Villalobos, a former board member at the $202 billion California Public Employees’ Retirement System, Sacramento, and a pension fund placement agent, the FPPC documents show.
CalPERS has launched its own investigation of CalPERS’ dealings with Mr. Villalobos and his firms, Arvco Capital Research and Arvco Financial Ventures. This followed disclosures that he had received $65 million after winning CalPERS contracts for his investment firm clients, including Apollo Europe Management and CIM Group.