TPG says it has fired Bill McGlashan ‘for cause’ over ties to college admissions scheme

TPG says it has fired Bill McGlashan ‘for cause’ over ties to college admissions scheme

TPG says it has fired Bill McGlashan ‘for cause’ over ties to college admissions schemeBy Julia Horowitz and Jackie Wattles, CNNUpdated 8:31 PM ET, Thu March 14, 2019 Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.JUST WATCHEDFBI: Parents paid up to $6.5M for guaranteed admissionMore Videos …MUST…


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New York (CNN Business)The private equity firm TPG says it has fired executive William McGlashan, who this week was charged in a nationwide scheme to get students into elite colleges.

McGlashan was “terminated for cause” after the company reviewed the allegations outlined in a criminal complaint that named him, according to a statement from TPG. The firm said the firing was “effective immediately.” He had been on administrative leave since Tuesday.
As part of the conspiracy, parents allegedly paid a college prep organization to take the test on behalf of students or to correct their answers. Additionally, the organization bribed college coaches to help admit the students into college as recruited athletes, prosecutors said. The scandal involves dozens of wealthy parents, coaches and college prep executives.
McGlashan agreed to pay $250,000 to participate in both parts of the scheme, according to the complaint. The goal was allegedly to get his son admitted to the University of Southern California.
    “[W]e believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG said in a statement.
    McGlashan says he resigned from TPG. In a letter to the company’s board of directors, which was provided to CNN Business by McGlashan’s spokesperson, he wrote that “the progress we have made is too important for you to be distracted by the issues I am facing personally.”
    “Though it breaks my heart to write this, I feel it is now the right thing to resign from The Rise Fund and TPG Growth,” McGlashan wrote. “As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share.”
    McGlashan is the founder and served as managing partner of TPG Growth, which has invested in companies such as Airbnb, Spotify and Uber. He also started TPG’s Rise Fund, which has partnered with Bono and focuses on investments that promote environmental and social good.
    In December 2017, McGlashan allegedly paid $50,000 to the charitable arm of the college prep group with the understanding that the company would correct his son’s answers on the ACT. His son ultimately received a score of 34 out of a possible 36, the complaint said.
    McGlashan, whose conversations were recorded by wiretap, is also accused of working with the college prep company on a so-called “side door” admission plot. This involved creating a fake athletic profile for his son, who would be presented as a football kicker. That would allow USC to accept him as a recruited athlete, according to court documents.
      In August 2018, during a recorded conversation with a co-conspirator, identified as Cooperating Witness-1, McGlashan agreed to look for a photo of his son that could be photoshopped onto a football kicker.
      “Okay. Okay. Let me look through what I have. Pretty funny. The way the world works these days is unbelievable,” McGlashan said. He repeatedly expressed a desire to keep the scheme hidden from his son.
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Director Alex Gibney speaks to CNN about obtaining footage from the secretive company and how Holmes’ story is not necessarily unique.”,”descriptionText”:””The Inventor” documents the fall of Theranos founder Elizabeth Holmes. Director Alex Gibney speaks to CNN about obtaining footage from the secretive company and how Holmes’ story is not necessarily unique.”},{“title”:”SpaceX’s Crew Dragon returns home with a splash”,”duration”:”02:16″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/02/spacex-crew-dragon-launch-orig.cnn-business/index.xml”,”videoId”:”business/2019/03/02/spacex-crew-dragon-launch-orig.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190308114749-spacex-crew-dragon-splashdown-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/02/spacex-crew-dragon-launch-orig.cnn-business/video/playlists/business-news/”,”description”:”After successfully returning to Earth, SpaceX’s Crew Dragon vehicle gets one step closer to carrying astronauts into space.”,”descriptionText”:”After successfully returning to Earth, SpaceX’s Crew Dragon vehicle gets one step closer to carrying astronauts into space.”},{“title”:”US economy added only 20,000 jobs in February”,”duration”:”02:02″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/08/february-jobs-report.cnn-business/index.xml”,”videoId”:”business/2019/03/08/february-jobs-report.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190308092401-01-us-jobs-010419-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/08/february-jobs-report.cnn-business/video/playlists/business-news/”,”description”:”The low number bucked the trend of huge jobs gains in recent months. The unemployment rate fell to 3.8%, as fewer unemployed people were looking for work. CNN’s Alison Kosik reports.”,”descriptionText”:”The low number bucked the trend of huge jobs gains in recent months. The unemployment rate fell to 3.8%, as fewer unemployed people were looking for work. CNN’s Alison Kosik reports.”},{“title”:”See Volkswagen’s new electric beach buggy”,”duration”:”01:00″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/07/volkswagen-beach-buggy-electric.cnn-business/index.xml”,”videoId”:”business/2019/03/07/volkswagen-beach-buggy-electric.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190307135445-vr-beach-buggy-01-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/07/volkswagen-beach-buggy-electric.cnn-business/video/playlists/business-news/”,”description”:”Volkswagen’s ID. Buggy concept car aims to capture nostalgia for the 1960s with what it refers to as an “emotional product.””,”descriptionText”:”Volkswagen’s ID. Buggy concept car aims to capture nostalgia for the 1960s with what it refers to as an “emotional product.””},{“title”:”Believe it or not, dollar stores are thriving”,”duration”:”01:34″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/07/dollar-stores-thriving-orig.cnn-business/index.xml”,”videoId”:”business/2019/03/07/dollar-stores-thriving-orig.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190307110400-dollar-general-store-opens-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/07/dollar-stores-thriving-orig.cnn-business/video/playlists/business-news/”,”description”:”While many retailers close stores, dollar stores are opening up new locations. Targeting rural and lower income communities, dollar stores have managed to thrive in the digital age.”,”descriptionText”:”While many retailers close stores, dollar stores are opening up new locations. Targeting rural and lower income communities, dollar stores have managed to thrive in the digital age.”},{“title”:”After 52 years, Lordstown must face life after GM “,”duration”:”02:27″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/05/gm-lordstown-closing.cnn-business/index.xml”,”videoId”:”business/2019/03/05/gm-lordstown-closing.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190306075830-save-the-gm-plant-lordstown-ophio-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/05/gm-lordstown-closing.cnn-business/video/playlists/business-news/”,”description”:”GM has been a critical part of this Ohio town’s economy for decades. Now, as GM makes changes to its business, these workers face an uncertain future.”,”descriptionText”:”GM has been a critical part of this Ohio town’s economy for decades. Now, as GM makes changes to its business, these workers face an uncertain future.”},{“title”:”Why Forbes says Kylie Jenner is a self-made billionaire”,”duration”:”01:28″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/06/kylie-jenner-selfmade-billionaire-forbes-ge-lon-orig.cnn/index.xml”,”videoId”:”business/2019/03/06/kylie-jenner-selfmade-billionaire-forbes-ge-lon-orig.cnn”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190305183744-kylie-jenner-billionaire-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/06/kylie-jenner-selfmade-billionaire-forbes-ge-lon-orig.cnn/video/playlists/business-news/”,”description”:”While Forbes officially named 21-year-old Kylie Jenner the world’s youngest self-made billionaire, some people disputed her classification as “self-made.””,”descriptionText”:”While Forbes officially named 21-year-old Kylie Jenner the world’s youngest self-made billionaire, some people disputed her classification as “self-made.””},{“title”:”This $19 million Bugatti is the most expensive new car ever sold”,”duration”:”01:02″,”sourceName”:”CNN Busines”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/05/bugatti-supercar-la-voiture-noire-geneva-motor-show-atlantic-orig.cnn-busines/index.xml”,”videoId”:”business/2019/03/05/bugatti-supercar-la-voiture-noire-geneva-motor-show-atlantic-orig.cnn-busines”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190305114021-bugatti-la-voiture-noire-gms-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/05/bugatti-supercar-la-voiture-noire-geneva-motor-show-atlantic-orig.cnn-busines/video/playlists/business-news/”,”description”:”To celebrate its 110-year anniversary, Bugatti has built La Voiture Noire – a one-off inspired from Bugatti’s Type 57 SC Atlantic of the 1930s.”,”descriptionText”:”To celebrate its 110-year anniversary, Bugatti has built La Voiture Noire – a one-off inspired from Bugatti’s Type 57 SC Atlantic of the 1930s.”},{“title”:”Why American fast food chains will do anything to win in China”,”duration”:”01:43″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/28/american-fast-food-china.cnn-business/index.xml”,”videoId”:”business/2019/02/28/american-fast-food-china.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190228144427-kfc-china-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/28/american-fast-food-china.cnn-business/video/playlists/business-news/”,”description”:”US fast food giants like KFC, Pizza Hut and Taco Bell are using high tech, unique ingredients and upscale restaurants to win over the Chinese market.”,”descriptionText”:”US fast food giants like KFC, Pizza Hut and Taco Bell are using high tech, unique ingredients and upscale restaurants to win over the Chinese market.”},{“title”:”Old Navy is doing so well it’s splitting up with Gap”,”duration”:”01:04″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/01/gap-old-navy-split.cnn/index.xml”,”videoId”:”business/2019/03/01/gap-old-navy-split.cnn”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190228163026-old-navy-gap-storefronts-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/01/gap-old-navy-split.cnn/video/playlists/business-news/”,”description”:”Old Navy is such a hit with millennials that it’s spinning off on its own. 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Gap, Banana Republic and Athleta will become part of a separate company”},{“title”:”These ‘eco-luxury’ domes bring glamping to the wilderness”,”duration”:”02:14″,”sourceName”:”CNN Business”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/27/domes-charlevoix-glamping-quebec-tiny-house-orig.cnn-business/index.xml”,”videoId”:”business/2019/02/27/domes-charlevoix-glamping-quebec-tiny-house-orig.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190303133553-domes-charlevoix-glamping-quebec-tiny-house-orig-00004001-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/27/domes-charlevoix-glamping-quebec-tiny-house-orig.cnn-business/video/playlists/business-news/”,”description”:”Dômes Charlevoix advertises itself as an “eco-luxury” concept combining posh modern interiors with a rugged Québec landscape.”,”descriptionText”:”Dômes Charlevoix advertises itself as an “eco-luxury” concept combining posh modern interiors with a rugged Québec landscape.”},{“title”:”US economy grew at a solid pace in Q4″,”duration”:”02:33″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/28/us-gdp-q4-economy.cnn-business/index.xml”,”videoId”:”business/2019/02/28/us-gdp-q4-economy.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190228131231-01-gdp-report-file-restricted-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/28/us-gdp-q4-economy.cnn-business/video/playlists/business-news/”,”description”:”The US gross domestic product grew at an annualized rate of 2.6% in the fourth quarter of 2018. CNN’s Christine Romans reports.”,”descriptionText”:”The US gross domestic product grew at an annualized rate of 2.6% in the fourth quarter of 2018. CNN’s Christine Romans reports.”},{“title”:”See the Samsung Galaxy’s new features in action”,”duration”:”01:29″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/20/samsung-galaxy-s10-orig.cnn-business/index.xml”,”videoId”:”business/2019/02/20/samsung-galaxy-s10-orig.cnn-business”,”videoImage”:”http://cdn.cnn.com/cnnnext/dam/assets/190220131706-samsung-galaxy-s10-front-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/20/samsung-galaxy-s10-orig.cnn-business/video/playlists/business-news/”,”description”:”The next generation of the Samsung Galaxy, the S10, is here. It features wireless charging for other devices and an edge-to-edge screen.”,”descriptionText”:”The next generation of the Samsung Galaxy, the S10, is here. It features wireless charging for other devices and an edge-to-edge screen.”}],’js-video_headline-featured-20ziyr0′,”,”js-video_source-featured-20ziyr0″,true,true,’business-news’);if (typeof configObj.context !==’string’ || configObj.context.length

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      New York (CNN Business)The private equity firm TPG says it has fired executive William McGlashan, who this week was charged in a nationwide scheme to get students into elite colleges.

      McGlashan was “terminated for cause” after the company reviewed the allegations outlined in a criminal complaint that named him, according to a statement from TPG. The firm said the firing was “effective immediately.” He had been on administrative leave since Tuesday.
      As part of the conspiracy, parents allegedly paid a college prep organization to take the test on behalf of students or to correct their answers. Additionally, the organization bribed college coaches to help admit the students into college as recruited athletes, prosecutors said. The scandal involves dozens of wealthy parents, coaches and college prep executives.
      McGlashan agreed to pay $250,000 to participate in both parts of the scheme, according to the complaint. The goal was allegedly to get his son admitted to the University of Southern California.
        “[W]e believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG said in a statement.
        McGlashan says he resigned from TPG. In a letter to the company’s board of directors, which was provided to CNN Business by McGlashan’s spokesperson, he wrote that “the progress we have made is too important for you to be distracted by the issues I am facing personally.”
        “Though it breaks my heart to write this, I feel it is now the right thing to resign from The Rise Fund and TPG Growth,” McGlashan wrote. “As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share.”
        McGlashan is the founder and served as managing partner of TPG Growth, which has invested in companies such as Airbnb, Spotify and Uber. He also started TPG’s Rise Fund, which has partnered with Bono and focuses on investments that promote environmental and social good.
        In December 2017, McGlashan allegedly paid $50,000 to the charitable arm of the college prep group with the understanding that the company would correct his son’s answers on the ACT. His son ultimately received a score of 34 out of a possible 36, the complaint said.
        McGlashan, whose conversations were recorded by wiretap, is also accused of working with the college prep company on a so-called “side door” admission plot. This involved creating a fake athletic profile for his son, who would be presented as a football kicker. That would allow USC to accept him as a recruited athlete, according to court documents.
          In August 2018, during a recorded conversation with a co-conspirator, identified as Cooperating Witness-1, McGlashan agreed to look for a photo of his son that could be photoshopped onto a football kicker.
          “Okay. Okay. Let me look through what I have. Pretty funny. The way the world works these days is unbelievable,” McGlashan said. He repeatedly expressed a desire to keep the scheme hidden from his son.
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