Pimco has hosted an admissions counselor in the corruption scandal

The college admissions counselor, at the center of a $ 25 million bribery scandal, twice referred to the events organized by Pimco and some of his employees resorted to his "legitimate" services, said Friday the investment manager based in California.

Pimco, one of the largest investment groups in the world with $ 1.7 billion under management, said it had invited William "Rick" Singer to speak to staff twice during the last decade, but had no formal relationship with the advisor.

Douglas Hodge, former CEO of Pimco, was one of 32 parents indicted this week as part of a large bribe survey to ensure children's entry into US colleges . The criminal complaint indicated that Mr. Hodge, who ran Pimco from 2014 to 2016, had "agreed to use bribery to facilitate the admission of two of his children to the University of Southern California in as sports recruits ".

The program was run by Mr. Singer and The Edge College & Career Network, his college-based prep service located in Newport Beach, California – where Pimco's headquarters are also located. Mr. Singer pleaded guilty to racketeering.

The events in which Mr. Singer spoke to Pimco employees were "part of a regular series involving dozens of outside speakers," said Pimco. He has "invited Mr. Singer to speak twice in the last decade, the last in 2015, on the process of admission to colleges," according to his release.

"Like many families in Southern California, some Pimco employees used Mr. Singer's legitimate college readiness services," he added. "However, we have no information that Pimco employees acted improperly privately."

The company has promised to fire anyone who has committed illegal acts. "Pimco imposes on its employees the highest ethical standards, so any employee found guilty of fraud or illegal activity would have no place in the company."

A number of personalities from the financial sector were among the parents accused of using bribes to secure places for their children in elite universities, including Georgetown, Stanford and Yale. Gordon Caplan, co-chair of Wilkie Farr & Gallagher and William McGlashan of private equity firm TPG, were among the defendants, who also included businessmen and television stars.

Mr. Singer's company used two methods to circumvent the admissions process, according to the FBI. He urged students to claim medical disabilities to give them more time to pass the entrance tests, then directed them to the test facilities in Houston and Hollywood where he had corrupted the staff. And he bribed college coaches and sports administrators to designate candidates as student-athletes, which increased their chances of being admitted.