Home Breaking News Ex-investment executive to plead guilty in admissions scam

Ex-investment executive to plead guilty in admissions scam

Ex-investment executive to plead guilty in admissions scam

BOSTON (AP) — A extinct private fairness executive who cofounded an investment firm with U2′s Bono agreed to plead guilty in connection to the faculty admissions bribery contrivance.

William McGlashan will plead guilty to a single rely of wire fraud and sincere companies wire fraud stemming from allegations that he paid $50,000 to contain somebody correct his son’s ACT answers, federal prosecutors introduced Friday.

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Beneath a take care of prosecutors, McGlashan, 57, will support three months in reformatory, total 250 hours of personnel service and pay a $250,000 fine.

Prosecutors had also said he agreed with the admissions marketing consultant at the center of the contrivance, Rick Singer, to pay $250,000 to try to obtain the dinky one into the College of Southern California as a football recruit nonetheless didn’t struggle through with it.

McGlashan has fiercely denied the costs and says he told Singer he didn’t desire to take half in the so-referred to as “side door” contrivance. McGlashan’s lawyers contain said in court paperwork that his son applied as a legit candidate and withdrew his utility sooner than he used to be even admitted.

McGlashan, who lives in California, is a extinct managing partner at TPG Capital who cofounded an investment fund with U2 singer Bono in 2017.

Attorneys for McGlashan declined to observation Sunday.

A hearing on the plea deal has no longer been scheduled. If the plea and sentencing settlement is well-liked, McGlashan might perhaps presumably be the 30th dad or mum to plead guilty to costs linked to the faculty admissions case.

Some fogeys are accused of paying Singer to falsely describe their kids as important individual athletes and then bribe college sports officers to obtain them admitted as recruited athletes at top universities. Others are accused of paying Singer to support cheat on their kids’s SAT and ACT assessments.

Singer has pleaded guilty to costs including racketeering conspiracy and agreed to work with investigators.

Ex-investment executive to plead guilty in admissions scam