Ex-Investment Executive Pleads Guilty in Connection to the College Admissions Bribery Scheme
BOSTON — A former private equity executive who cofounded an investment firm with U2’s Bono agreed to plead guilty in connection to the college admissions bribery scheme.
William McGlashan will plead guilty to a single count of wire fraud and honest services wire fraud stemming from allegations that he paid $50,000 to have someone correct his son’s ACT answers, federal prosecutors announced Friday.
Under a deal with prosecutors, McGlashan, 57, will serve three months in prison, complete 250 hours of community service and pay a $250,000 fine.
Prosecutors had also said he agreed with the admissions consultant at the center of the scheme, Rick Singer, to pay $250,000 to try to get the teen into the University of Southern California as a football recruit but didn’t go through with it.