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Ex-Pimco head pleads guilty to charges of cheating to get kids into top colleges

Douglas Hodge, former CEO of hedge fund manager Pacific Investment Management Co. LLC pleaded guilty Oct. 21 to charges that he used bribery and fraud to get his children into top universities, Financial Times reported.

Hodge previously denied the charges but has since opted to plead guilty. He was one of 35 parents who allegedly paid college admissions racketeer William Singer $25 million to help them cheat the college entrance process by doctoring their children's test results or by making them bogus athletics recruits, the news outlet reported.

Hodge told the court that he acted "out of love" for his children and apologized to "deserving college students who may have been adversely impacted by this process." His sentence is set to come in January.

Ten other parents involved in the scandal have been sentenced, according to the report. Actress Felicity Huffman began her two-week sentence last week. Another parent was sentenced to four months in prison.

Others have pleaded not guilty, including another actor, a clothing designer and William McGlashan, former head of TPG Capital Management LP's social impact investment fund.