Operation Varsity Blues, the college admission scandal involving several high profile individuals that came to light in 2019, continues; most recently Bill McGlashan, a former executive at TPG Global private equity firm, has pleaded guilty to charges associated with the scandal according to a press release on the Department of Justice (DOJ) website. McGlashan has admitted to making a bribe of $50,000 to boost his son’s ACT exam score. As part of his plea agreement, McGlashan will serve 3 months in prison and will pay a fine of $250,000.
McGlashan is one of 30 parents to have pleaded guilty in this scandal. William “Rick” Singer was the man at the center of it all. Singer coordinated the admissions fraud that essentially resulted in several students being admitted to top universities that they otherwise may not have been admitted to. According to Insider, Rick Singer was able to do this through a tax-exempt non-profit called “The Key Worldwide Foundation”. Parents would donate to this “non-profit” entity and Singer would use the funds to make payments of bribes to university coaches and test proctors who would make sure to boost said students’ admission chances.
Singer also used the funds for personal expenses such as his $2.5 million home outside Los Angeles, which was forfeited and sold in April 2019. Singer pleaded guilty on March 12, 2019 to charges of racketeering, money laundering, and obstruction of justice. He faces up to 65 years in prison and a fine of up to $1.25 million. His cooperation with investigators has helped to identify over 50 individuals who have allegedly either paid for his services or helped execute them.
Being under investigation for a white-collar crime often triggers asset forfeiture proceedings. It’s important to contact an attorney with experience in asset forfeiture proceedings as soon as possible. At Padula Law, our dedicated team will make defending your assets a priority. Give us a call at (305) 455-5206 for a confidential consultation.
