[ad_1]
(Newser)
–
The college admissions scandal may never have been revealed if a father in Los Angeles had not been charged with securities fraud. The financial executive Morrie Tobin was questioned about a scheme to inflate the price of the shares held and to sell it at a profit when he told the federal authorities that the head coach of women's football Yale University, a school attended by himself and his three daughters, had offered to get another girl to school in exchange for a bribe, the the Wall Street newspaper reports, citing a person having knowledge of the case. They said Tobin, looking for clemency, then threaded a thread when he met football coach Rudy Meredith in a Boston hotel in April 2018, and learned that his daughter could become a football rookie for 450 $ 000.
Prosecutors say Meredith was working for William "Rick" Singer, the university consultant sentenced to 65 years in prison, when he sent another student to Yale in the same manner. The coach, who agreed to plead guilty to two counts of wire fraud, would have received $ 400,000 in fees of $ 1.2 million. From there, prosecutors discovered a scam involving 33 parents and nine coaches or school administrators, including the University of Southern California, Georgetown and Stanford. Rolling stone. Tobin agreed to plead guilty to securities fraud and conspiracy to commit securities fraud under the so-called pumping scheme, according to a plea agreement reached in November. Prosecutors recommend confiscation of $ 4 million plus 36 months of probation before his June conviction. (Now the students are continuing.)
[ad_2]
Source link