On Thursday, Bill McGlashan withdrew from his executive roles at the private equity firm TPG and the social impact company Risefond, implicated with dozens of wealthy individuals in a college education, believed to be the largest in American history. 19659002] McGlashan had served as the managing partner of TPG Growth, the company's growth equity arm, and co-founded The Rise Fund with "U2" singer Bono. The 55-year-old leader announced his exit in a memo to board members of both companies.
"I'm very sorry that this very difficult situation can interfere with the work I've devoted to my life," wrote McGlashan. "As you can imagine, my primary concern is at this point for my family. I will also be focused on addressing the claims that have been presented, and there are aspects of history that have not yet emerged as I wish I It is important, however, that this process be done apart from The Rise Fund and TPG Growth. "
McGlashan and dozens of other defendants were arrested and charged with various counts of bribery and fraud for their involvement in the admission system. Plenty of parents, including actress Lori Loughlin and Felicity Huffman, paid a total of $ 25 million in bribery to college buses, school staff, and test administrators to influence the recording process and improve their children's opportunities to enter high schools.
Judicial documents showed that McGlashan matched forgery test results and created a false athletic story for his son so he could attend the University of Southern California. At one point, McGlashan and a federal government official discussed the possibility of changing images to make his son appear to be a kicker or punk while recruiting USC's football team.
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TPG placed McGlashan on indefinite leave. The private equity firm is the majority owner of Hollywood Talents Agency CAA.