Former TPG executive fights college admissions scandal

Bill McGlashan, the former TPG leader fired after being involved in a US college admissions scandal, "intends to vigorously challenge" the federal charges against him, according to a document filed on Wednesday .

Mr. McGlashan is charged with paying US $ 50,000 to a doctor preparing his son's university entrance examination. According to his lawyers, the child, aged 18 now, has been diagnosed with learning disabilities. He has been receiving "academic adaptations" every year since 2015 and withdrew his application to study at the University of Southern California.

The private equity executive, who co-founded an ethical investment vehicle with U2 singer, Bono, is one of the most prominent businessmen among a group of wealthy parents who have paid tens of millions of dollars to help keep their children safe. American universities of the elite.

Phone tapping surprised Mr. McGlashan discussing how his son could be admitted to the USC as a football rookie, while he had no experience of the sport. A university admissions consultant based in California would have described how Mr. McGlashan could get his son through the "side door", which would involve paying $ 250,000 and providing photos that could be tampered with [the son] a kicker / bettor ".

"I love it," McGlashan said, according to prosecutors, when the consultant finished describing the project.

But his lawyers say he has not made any payments of this type. "Mr. McGlashan did not pay for the use of a so-called" side door "to get his son's admission to the USC or another college. ", they wrote. "In fact, Mr. McGlashan's son did not even graduate from high school and withdrew his college applications."

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Wednesday, March 13, 2019

Jim Coulter and Jon Winkelried, TPG's co-CEOs, told investors and employees that Mr. McGlashan's arrest had been "a shock and a blow to us", and that they were not Had learned of the existence of these allegations only when the Ministry of Justice made this information public. 12th of March. They hired an outside lawyer to establish "whether any other person or part of the firm was tainted in any way" by the alleged misconduct.

Mr. McGlashan left TPG two days after the scandal began. Mr. McGlashan announced to his colleagues that he had resigned, but TPG stated that he had dismissed him for just cause.

In his file, Mr. McGlashan requested the return of his pbadport so that he could travel abroad during a "long – planned family trip" in April.