Ex-investment executive to plead guilty in admissions scam
BOSTON (AP) — A former private equity executive who cofounded an investment firm with U2′s Bono agreed to plead guilty in connection to the college admissions bribery scheme.
William McGlashan will plead guilty to a single count of wire fraud and honest services wire fraud stemming from allegations that he paid $50,000 to have someone correct his son’s ACT answers, federal prosecutors announced Friday.
Under a deal with prosecutors, McGlashan, 57, will serve three months in prison, complete 250 hours of community service and pay a $250,000 fine.
Prosecutors had also said he agreed with the admissions consultant at the center of the scheme, Rick Singer, to pay $250,000 to try to get the teen into the University of Southern California as a football recruit but didn’t go through with it.
McGlashan has fiercely denied the charges and says he told Singer he didn’t want to participate in the so-called “side door” scheme. McGlashan’s lawyers have said in court documents that his son applied as a legitimate candidate and withdrew his application before he was even admitted.
McGlashan, who lives in California, is a former managing partner at TPG Capital who cofounded an investment fund with U2 singer Bono in 2017.
Attorneys for McGlashan declined to comment Sunday.
A hearing on the plea deal has not been scheduled. If the plea and sentencing agreement is approved, McGlashan will be the 30th parent to plead guilty to charges related to the college admissions case.
Some parents are accused of paying Singer to falsely portray their children as star athletes and then bribe college sports officials to get them admitted as recruited athletes at top universities. Others are accused of paying Singer to help cheat on their children’s SAT and ACT exams.
Singer has pleaded guilty to charges including racketeering conspiracy and agreed to work with investigators.