California financier agrees to plead guilty in college admissions scandal

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A former senior executive at private equity firm TPG Capital has agreed to plead guilty over his alleged involvement in the college admissions scandal. 

The U.S.Department of Justice announced that 57-year-old William E. McGlashan Jr. would plead guilty to one count of wire fraud and honest services wire fraud, the DOJ said in a press release.

McGlashan will admit to scheming to defraud standardized test company ACT, Inc. by paying William “Rick” Singer $50,000 to bribe corrupt test administrator Igor Dvorsky to allow a corrupt test proctor, Mark Riddell, to correct McGlashan’s son’s exam answers.


In 2019, the financier’s attorneys accused prosecutors of holding back evidence they asserted could help exonerate him.

Singer, Dvorsky and Riddell have all pleaded guilty to being involved in the scheme. 

A plea hearing has yet to be scheduled for McGlashan.

The parties have reportedly agreed to a sentence of three months in prison, two years of supervised release, 250 hours of community service, and a fine of $250,000. 

The recommended sentence is subject to approval by a federal judge. 

“The charge of wire fraud and honest services wire fraud provides for a sentence of up 20 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater,” wrote the U.S. Attorney’s Office for the District of Massachusetts. 


The Rise Fund co-founder will be the 30th parent to plead guilty in the case, though more than 50 people have been charged in the nationwide conspiracy that federal law enforcement named “Operation Varsity Blues.”

“Dozens of individuals allegedly involved in a nationwide conspiracy that facilitated cheating on college entrance exams and the admission of students to elite universities as purported athletic recruits were arrested by federal agents in multiple states and charged in documents unsealed on March 12, 2019, in federal court in Boston,” the Justice Department explained in a separate post regarding their investigations of the bribery scheme. “Athletic coaches from Yale, Stanford, USC, Wake Forest and Georgetown, among others, are implicated, as well as parents and exam administrators.”

The scheme came to light in March 2019 and embroiled actresses Lori Loughlin and Felicity Huffman, a former Pimco CEO, an heiress to the Hot Pockets fortune, and several coaches.

Actor Lori Loughlin, and her husband, fashion designer Mossimo Giannulli, leave the federal courthouse after facing charges in a nationwide college admissions cheating scheme, in Boston, Massachusetts, U.S., April 3, 2019. REUTERS/Brian Snyder – RC1356FDC8A0

Huffman pleaded guilty in May 2019 to paying an admissions consultant $15,000 to have a proctor correct her older daughter’s answers on the SAT exam. She also considered going through with the plan for her younger daughter before ultimately deciding not to, authorities say. She served two weeks in prison in October 2019.

Gordon Ernst, Georgetown University’s tennis coach, was accused of getting $2.7 million in bribes to designate at least 12 applicants as recruits.

Singer, who was accused of being the ringleader, pleaded guilty early on and started working with federal investigators as early as September 2018.

In August, Loughlin and her husband Mossimo Giannulli pleaded guilty to charges stemming from $500,000 payments to Singer to get their daughters, Olivia Jade and Isabella Giannulli, recruited onto the University of Southern California’s crew team.

Loughlin, 56, was released from the Federal Correctional Institution in Dublin, Calif., on Dec. 28 after completing her two-month sentence. 

In her plea agreement, Loughlin agreed to serve two months and pay a $150,000 fine along with two years of supervised release and 100 hours of community service. 

Giannulli, 57, was ordered to pay a $250,000 fine with two years of supervised release and 250 hours of community service in addition to a five-month prison sentence.


At the end of January, a judge denied Gianulli’s request to leave a California prison early and serve the remainder of his sentence at home.

Online prison records viewed by Fox News show that the fashion designer is expected to be released from a facility in Lompoc, Calif., on April 17. 

A call seeking further comment from the U.S. Attorney’s Office in Massachusetts was not immediately returned.

Fox News’ Stephanie Pagones, Melissa Roberto, and The Associated Press contributed to this report.

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