One of the biggest private equity firms, TPG Capital has put executive Bill McGlashan on leave with immediate effect after he was found to be involved in one of the largest college admissions scam in the country, according to a report by TechCrunch.
McGlashan along with 48 others have been accused of running a bribery ring that involved parents, counselors and athletics coaches at Yale, Wake Forest, and the University of Southern California (USC), among other institutions, in an effort to secure spots for their children at the schools.
In the wake of the scandal, the firm has made Jim Coulter, Co-CEO of TPG, the ‘interim managing partner’ of the parts of TPG that McGlashan oversees, including TPG Growth and The Rise Fund.
McGlashan joined TPG in 2003 and has been named among the parents who tried to buy admissions for their kids. Other big names include actresses Felicity Huffman and Lori Loughlin.
It is a bit ironical for McGlashan who heads TPG’s social impact strategy under the Rise Fund brand and it brings to light how financially wealthy people use their financial clout in socially unjust ways and in this case paying to secure college spots.
McGlashan has been charged on two counts–participating in a college entrance exam cheating scheme and recruitment scheme and it seems that TPG had no other option than to put McGlashan on leave.
McGlashan has been accused of trying to bribe senior athletic officer at USC and also trying to bribe test center executives to give his son more time to take a college entrance exam than is usually allotted to students.
McGlashan has also been accused of signing off on plans to doctor the photo of his son that would make his son look more like a football recruit and thus would make him more desirable for courses in Arts, Technology and Business at the USC.
McGlashan seems to be in hot water as it seems that he was planning to repeat this cheating scam for his two younger children as well.