California private equity executive agrees to plead guilty in college admissions case

 

Date: February 5, 2021

Contact: newsroom@ci.irs.gov

Boston — A former senior executive at TPG Capital, a global private equity firm, has agreed to plead guilty in connection with his involvement in the college admissions case, announced Ramsey E. Covington, Acting Special Agent in Charge of the Internal Revenue Service's Criminal Investigations in Boston.

William E. McGlashan, Jr. has agreed to plead guilty to one count of wire fraud and honest services wire fraud. A plea hearing has not yet been scheduled.

McGlashan, the former managing partner of TPG Growth and co-founder of The Rise Fund, will plead guilty to his role in a scheme to defraud ACT, Inc. by paying William "Rick" Singer $50,000 to bribe Igor Dvorskiy, a corrupt test administrator, to allow Mark Riddell, a corrupt test "proctor," to secretly correct McGlashan's son's exam answers to obtain a fraudulently inflated score.

Singer, Dvorskiy, and Riddell have pleaded guilty for their respective roles in the scheme.

Under the terms of McGlashan's plea agreement, the parties have agreed to a sentence, subject to the Court's approval, of three months in prison, two years of supervised release with 250 hours of community service and a fine of $250,000.

McGlashan will be the 30th parent to plead guilty in the college admissions case.

The charge of wire fraud and honest services wire fraud provides for a sentence of up 20 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

Assistant U.S. Attorneys Justin D. O'Connell, Leslie A. Wright, Kristen A. Kearney, Karin M. Bell and Stephen E. Frank of Lelling's Criminal Division are prosecuting the case.

The details contained in the charging documents are allegations. The remaining defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.