Hollywood Executive Charged In College Admissions Scandal Steps Down
A Hollywood leader has become the last person to be charged in the massive college graduation scandal to feel the professional fallout.
Bill McGlashan, founder of private equity investment company TPG Growth and co-founder of STX Entertainment, said in a letter to board members Thursday he went down to focus on his family after he was one of dozens of wealthy and powerful people who were charged with paying a man to facilitate bribes and artificially increasing the entrance exam to get their kids to elite universities.
Felicity Huffman Desperate Housewives and Full House actor Lori Loughlin, along with her husband, fashion designer Mossimo Giannulli, was also among the accused in the alleged scheme.
Prosecutors prosecutor McGlashan donated $ 50,000 to the Key Worldwide Foundation, the firm that facilitated the scheme, so that his son could take the ACT exam at an offsite site where his test ans It can later be corrected before being submitted. According to the criminal complaint, FBI agents also noted that he was discussing ways of making false athletic profiles by his son, so that he would be admitted to the USC as a recruitment work.
In his letter to the board, McGlashan said "the progress we have made is too important for you to be distracted by the problems I personally face."
"I am very sorry that this very difficult situation may disturb it The work I have dedicated myself to, "he wrote." As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the claims that have been presented, and there are aspects of the story that have not yet emerged that I wish I could share. "
Since 201[ads1]5, STX Entertainment has released over two dozen films, including The Upside Bad Moms franchise, and The Edge of Seventeen . [19659002] McGlashan also established Rise Fund, a venture capital fund that attracted big names, including U2's Bono, for Ethical Investment Mission.
His letter arrived on the same day. TPG placed McGlashan on indefinite administrative leave "effective immediately," according to an internal note obtained by Hollywood Reporter.
Also on Thursday, Hallmark Channel abolished Loughlin, a long time actor who appeared in several of his shows, referring to the charges she is facing in connection with the alleged scheme. [19659011]
