The former executive of TPG William McGlashan claims that the wire fraud accusation that led to his conviction could not be supported by his faked ACT scores was denied by the Circuit Court of Appeals in Boston.
William McGlashan, Jr., former senior executive at TPG, will resolve his involvement in the college admissions scandal by pleading guilty to a single fraud count. (Source: AFP/Getty Images)
Involvement of Former Executive of TPG Capital in the Wire Fraud
According to published news by Yahoo! finance, a former executive at the private equity firm TPG Capital had his conviction maintained according to a U.S. appeals court on Monday. As part of a massive fraud scheme involving college admissions in the US, he had paid $50,000 to rig his son’s college entrance exam results.
McGlashan will be sentenced to three months imprisonment after entering a guilty plea to a wire fraud charge in 2021, but he was still allowed to change his mind if the appeals court ruled that the trial judge should have dismissed the case. Even though McGlashan’s strategy proved more intricate than merely tampering with the scores, U.S. Circuit Judge Jeffrey Howard noted for a three-judge panel that it also entailed obtaining a test that was proctored by a friend of the admissions scheme’s mastermind, William “Rick” Singer.
The statute results were clearly not “property,” as required by the fraud statute, according to McGlashan’s lawyer Carter Phillips, who also said that his extremely upset client was exploring his options. McGlashan was one of hundreds of people indicted in 2019 as a result of the Operation Varsity Blues investigation, which exposed how some wealthy parents went to considerable lengths to get admissions for their kids to prestigious universities including Yale, Georgetown, and the University of Southern California.
READ ALSO: Guide in Open Enrollment of Health Insurance
More Parents were Found Guilty in College Admissions Scandal
To gain the admission of kids as false athletic recruits, Singer, a California admissions consultant, acknowledged enabling cheating on college entrance examinations and transferring money from parents to dishonest university coaches. He received a 3-and-a-half-year prison term in January. More than 50 people entered guilty pleas, including Singer’s clients, stars Lori Loughlin and Felicity Huffman.
The fraud convictions of two parents—private equity entrepreneur John Wilson and former casino executive Gamal Aziz—who was found guilty in the first Varsity Blues trial were reversed by the 1st Circuit in May.
Wilson is scheduled to receive a new sentence for a tax-related offense next month.
READ ALSO: Ukraine is Losing US-Made Military Equipment on the Battlefield
