UPDATE 1-Former TPG Capital exec to plead guilty in U.S. college admissions scandal
Adds details on case
By Nate Raymond
Feb 5 (Reuters) - A former senior executive at private equity firm TPG Capital has agreed to plead guilty to having participated 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, agreed to a three-month prison sentence and $250,000 fine in exchange for admitting to a wire fraud charge, federal prosecutors in Boston said on Friday.
A plea hearing has yet to be scheduled. An attorney for McGlashan did not immediately respond to a request for comment.
McGlashan is one of 57 people charged in the U.S. 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.nL1N2AP10G
The parents include "Desperate Housewives" star Felicity Huffman, who received a 14-day prison sentence, and "Full House" star Lori Loughlin, who was sentenced to two months in prison.nL1N2FN0YX
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 fake athletic recruits.
Prosecutors said that McGlashan, 57, had agreed to plead guilty to paying Singer $50,000 to bribe a corrupt test administrator to allow an associate to proctor his son's ACT exam and secretly correct his answers.
Prosecutors had also originally charged McGlashan in March 2019 with conspiring to pay $250,000 in order to bribe a University of Southern California official and have his son admitted to the school as a fake football recruit.
He had denied those allegations. His decision to plead guilty to the exam-related offense will make him the 30th parent to plead guilty in the case.
(Editing by Diane Craft and Cynthia Osterman)