By Nate Raymond
BOSTON (Reuters) -A former senior executive at private equity firm TPG Capital was sentenced on Wednesday to three months in prison for participating in a vast U.S. college admissions fraud scheme by paying $50,000 to rig his son’s college entrance exam results.
Bill McGlashan, the former managing partner of TPG Growth and co-founder of The Rise Fund, was also ordered by U.S. District Judge Nathaniel Gorton in Boston to pay a $250,000 fine after pleading guilty in February to a wire fraud charge.
“You will serve at least some time in jail to demonstrate that even the rich and famous cannot avoid the rule of law,” Gorton told McGlashan during a virtual court hearing.
His plea was conditional. Under a deal with prosecutors, McGlashan, 57, can later withdraw his plea if he succeeds in appealing a key decision by Gorton rejecting his legal challenge to that fraud charge.
He is one of 57 people charged in the college admissions scandal, in which prosecutors said parents conspired with California college admissions consultant William “Rick” Singer to secure their children’s college admissions fraudulently.
Singer pleaded guilty in March 2019 to facilitating cheating on college entrance exams and using bribery to secure the admission of students to colleges as bogus athletic recruits.
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