Former TPG Capital executive Bill McGlashan will plead guilty in the US college admissions scandal

Bill McGlashan
Bill McGlashan in 2015.

  • Bill McGlashan, a former TPG Capital senior executive, will plead guilty in the college admissions scandal.
  • McGlashan will admit to paying ringleader Rick Singer $50,000 to have his son’s ACT answers altered.
  • McGlashan will pay a $250,000 fine and spend three months in prison.
  • Visit the Business section of Insider for more stories.

Bill McGlashan, a former TPG Capital senior executive, has agreed to plead guilty in the US college admissions scandal that has resulted in charges against dozens of business leaders and celebrities.

McGlashan – the founder of TPG Growth and Rise Fund – was previously placed on leave by TPG Capital, a private equity firm, in March 2019 after he was indicted by the FBI.

Now, McGlashan will plead guilty to one count of wire and honest services wire fraud, according to a Friday news release from the US Attorney’s office in Boston

According to the release, McGlashan paid William “Rick” Singer – the scandal’s “ringleader” – $50,000 to bribe Igor Dvorskiy, a “corrupt” test administrator and director at a private school in Los Angeles. Dvorskiy then allowed Mark Riddell – a Florida private school counselor who was accused of taking college entrance exams and correcting test answers for students – to change McGlashan’s son’s ACT exam answers for a higher score.

The fake ACT score was then sent to Northeastern University, the Los Angeles Times reported.

The date of McGlashan’s hearing has not been announced yet, but Singer, Dvorskiy, and Riddell have already pleaded guilty to their charges. 

McGlashan’s lawyers declined to provide a comment.

According to the plea agreement, McGlashan – the 30th parent to plead guilty – will receive a $250,000 fine, three months in prison, and 250 hours of community service. 

McGlashan was also accused of trying to bribe his son’s way into the University of Southern California by posing his son as an athlete, according to the original indictment. McGlashan has denied this “side door” charge and will not plead guilty for it.

As part of the agreement to plead guilty, the court will not charge McGlashan with three of the four original charges: conspiracy to commit fraud, bribery, and money laundering, the Los Angeles Times reported. However, his plea will be conditional, which means he can still appeal the charge and pull back his guilty plea, according to a report from the Wall Street Journal.

Other public figures that have been charged in the college admissions scandal include actresses Felicity Huffman and Lori Loughlin and Douglas Hodge, the former CEO of Pacific Investment Management Co

Read the original article on Business Insider