BOSTON — A former private equity executive who cofounded an investment firm with U2’s Bono agreed to plead guilty in connection to the college admissions bribery scheme.
William McGlashan will plead guilty to a single count of wire fraud and honest services wire fraud, federal prosecutors announced Friday.
Under a deal with prosecutors, McGlashan will serve three months in prison, complete 250 hours of community service and pay a $250,000 fine.
McGlashan, 57, was accused of paying $50,000 to have someone correct his son’s ACT answers. Prosecutors said he also agreed with the admissions consultant at the centre of the scheme, Rick Singer, to pay $250,000 to try to get the teen into the University of Southern California as a football recruit but didn’t go through with it.
McGlashan has fiercely denied the charges and says he told Singer he didn’t want to participate in the so-called “side door” scheme. McGlashan’s lawyers have said in court documents that his son applied as a legitimate candidate and withdrew his application before he was even admitted.
McGlashan, who lives in California, is a former managing partner at TPG Capital who cofounded an investment fund with U2 singer Bono in 2017.
Messages left with his attorneys were not immediately returned on Sunday.
A hearing on the plea deal has not been scheduled. If the plea and sentencing agreement is approved, McGlashan will be the 30th parent to plead guilty to charges related to the college admissions case.
Some parents are accused of paying Singer to falsely portray their children as star athletes and then bribe college sports officials to get them admitted as recruited athletes at top universities. Others are accused of paying Singer to help cheat on their children’s SAT and ACT exams.
Singer has pleaded guilty to charges including racketeering conspiracy and agreed to work with investigators.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
