The Securities and Exchange Commission has accused Federico R. Buenrostro, former chief executive of the $200 billion+ California Public Employees’ Retirement System, CalPERS, of "scheming" with investment-firm consultant Alfred J.R. Villalobos "to defraud" Apollo Global Management, the giant New York buyout found whose partners include Philadelphia 76ers lead owner Josh Harris, "into paying $20 million in fees" to ARVCO Capital Research LLCC and other consulting firms the friend controlled. SEC statement here.
According to an SEC statement, "Buenrostro and his friend Alfred J.R. Villalobos fabricated documents" using "a fake CalPERS logo and Buenrostro’s signature" to make it look like the retirement system's board had approved payment of more than $20 million in surcharges, starting in 2007. 
CalPERS is the biggest U.S. state pension system and a major investor in buyout, venture capital and real estate funds. Like funds in Pennsylvania, New Jersey and other states, it's struggling in the current weak investment environment to raise enough money to pay future pensions without massive increases in taxpayer subsidies.