Two former top officials at CalPERS, the nation's largest public pension fund, could do heavy prison time if they're convicted of criminal charges stemming from a major influence peddling scandal that surfaced three years ago.

On Monday, a federal grand jury in San Francisco indicted former CalPERS chief executive Federico Buenrostro and former board member Alfred Villalobos on fraud, conspiracy and obstruction charges.

How did these two men -- who were longtime friends -- allegedly work together to line each others' pockets?

Host Stephanie Martin talks with Sacramento Bee reporter Dale Kasler, who has been covering the story.