And then there were two: A second financial executives out of a job after being charged in a sweeping college admissions scam that has the Justice Department accusing some 50 parents of cheating and bribery to get their children into elite schools.
Bill McGlashan, CEO of a “social-impact” investment fund managed by private equity firm TPG, was “terminated for cause” from his position with TPG, the company confirmed Thursday. McGlashan managed TPG Growth, which invested in companies including Spotify and Airbnb. He also led TPG’s Rise Fund, which touts itself as investing for social and environmental good.
“After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” the company’s statement said.
McGlashan’s exit follows news that the head of a California venture capital firm also was out of a job after being charged in the scam. Manuel Henriquez, co-founder, chairman and CEO of Hercules Capital, has “voluntarily stepped aside,” though he will remain a board member and adviser, the Silicon Valley-based financial firm said Wednesday.
Released on $500,000 bail after his arrest on fraud charges Tuesday, Henriquez is accused of paying at least $250,000 to buy his daughter’s entry into Georgetown University, and is one of 50 people indicted in a scheme unveiled by federal prosecutors Tuesday.
In addition to parents of college applicants, others charged include ACT and SAT administrators, a test proctor, and coaches at Yale, Stanford and the University of Southern California.
McGlashan allegedly paid to have his son’s ACT exam doctored to have a phony football profile created to help his child get into the University of California.
Lawyer Gordon Caplan, co-chair of Willkie Farr & Gallagher, is reportedly on leave of absence from his law firm, which did not immediately return a request for comment.
Accused of paying $75,000 to have his daughter’s college test score fixed, Caplan was was released on a $500,000 bond after a court appearance Tuesday, according to the U.S. Attorney’s Office for the District of Massachusetts.