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TPGs leader Bill McGlashan fired "for cause" over ties to college admissions scheme



McGlashan was "terminated for cause" after the company reviewed the allegations outlined in a criminal complaint named him, according to a TPG statement. The company said the firing was "effective immediately". He had been on administrative leave since Tuesday.

As part of the conspiracy, parents allegedly paid a college preparatory organization to take the test on behalf of students or to rectify their responses. In addition, the organization consisted of college trainer to help admit students to college as recruited athletes, prosecutors said. The scandal involves dozens of wealthy parents, coaches and college preparatory leaders.

McGlashan agreed to pay $ 250,000 to participate in both parts of the scheme, according to the complaint. The goal was supposed to have his son admitted to the University of Southern California.

"[W] I believe that the listing is described as irresponsible and antithetical to the values ​​of our entire organization," TPG said in a statement. [1

9659005] McGlashan says he resigned from TPG. In a letter to the company's board, which was given 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 problems I personally face."

"Although it destroys my heart to write this, I feel it is right to withdraw from the Rice 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 claims that have been presented and there are aspects of the story that have not yet emerged as I wish I could share. "

McGlashan is the founder and managing partner of TPG Growth, who has invested in companies like Airbnb, Spotify and Uber. He also started TPG's Rise Fund, which has collaborated with Bono, and focuses on investments that promote the environment and social goodness.

In December 2017, McGlashan paid $ 50,000 to the charity workers in the college prep group understanding that the company would correct son's response to ACT. His son finally got a score of 34 of a possible 36, said the complaint.

McGlashan, whose calls were recorded with wiretap, is also accused of working with the college prep company on a so-called "side door" recording plot. This meant creating a fake athletic profile for his son, who was to be presented as a football player. It would allow USC to accept him as a recruited athlete, according to legal documents.

In August 2018, during a recorded conversation with a collaborator, identified as a collaborative witness-1, McGlashan decided to look for a picture of his son who could be photographed on a football player.

"Okay. Okay. Let me look through what I have." It's pretty funny. The way the world works these days is incredible, "McGlashan said. He repeatedly expressed a desire to keep the scheme hidden from his son.


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