Top executives from some of the country's biggest financial firms have stepped down or been placed on indefinite leave after they were accused in the massive 'Varsity Blues' scam to help their children get into top colleges.
Manuel Henriquez has resigned as Chief Executive Officer of Hercules Capital and TPG executive William McGlashan has been placed on indefinite leave at the private equity firm after they were accused in a scam to help their children get into top colleges.Henriquez, 55, resigned as chairman and CEO of his California-based venture capital firm, according to a company statement, which did not mention the admissions scheme. He was arrested in New York on Tuesday and released on $500,000 bail.
“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” TPG said in a statement. It said Jim Coulter, co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund.
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