A former private equity firm executive pleaded guilty on Wednesday to paying $50,000 to manipulate his son’s college entrance exam, according to Reuters.
Bill McGlashan, who formerly worked for Texas Pacific Group Capital, pleaded guilty to a wire fraud charge before a Boston judge. The plea deal called for a three-month sentence and a $250,000 fine but is also conditional. McGlashan can withdraw the plea, should he successfully appeal to the judge to not throw out the charge, the outlet reported.
Prosecutors said McGlashan paid the $50,000 bribe to a test administrator in West Hollywood. The administrator allowed a test proctor to correct wrong answers on McGlashan’s son’s ACT exam, according to Reuters. The prosecution did agree to drop charges that McGlashan tried to bribe a University of Southern California official on his son’s behalf. McGlashan was reportedly willing to pay $250,000 to have his son fraudulently admitted as a football recruit. (RELATED: Charity That Allegedly Took Bribes To Get Millionaires Into College Claimed To Be About Helping The Underprivileged)
— Reuters (@Reuters) February 10, 2021
McGlashan is one of the 57 people charged with conspiring with admissions consultant William Singer. Singer pleaded guilty in 2019 to charges that he used bribes and facilitated cheating on entrance exams to ensure students’ admission to top-tier schools, Reuters reported.
Others involved in the scandal include “Full House” star Lori Loughlin, who was released from her 2-month prison sentence on Dec. 28, and her husband, Mossimo Giannulli. Loughlin and Giannulli paid $500,000 to have their daughters admitted to USC. (RELATED: REPORT: Lori Loughlin Released From Prison After Completing 2-Month Sentence)
McGlashan’s sentencing is set for May 12, Reuters reported.