A founder and managing partner of the Fort Worth-founded company TPG Growth was fired after being implicated in the massive university admissions scandal.
Bill McGlashan, along with more than 40 other people, was charged with conspiracy to commit mail fraud and accused of participating in an exam cheating and athletic recruitment scheme to get their children into elite universities. Actresses Felicity Huffman and Lori Loughlin were also charged in the scheme, according to the charging documents.
On Thursday, McGlashan released a statement that he was resigning from his position as a leader in the company.
“Though it breaks my heart to write this, I feel it is now the right thing to resign from The Rise Fund and TPG Growth,” he wrote in the statement. “As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share.”
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TPG Growth, previously known as Texas Pacific Group, was founded in Fort Worth and now has headquarters in San Francisco. According to the technology news website Recode, McGlashan is known as one of Silicon Valley’s most prominent private equity investors and a leader in how to invest ethically.
TPG released a statement Thursday saying McGlashan was fired from his position.
“After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” the statement said.
McGlashan conspired to bribe a senior associate athletic director at the University of Southern California to get his son admitted to USC as a recruited athlete, according to charges.
He agreed to make a $50,000 donation to a company in California through a third-party person who would make sure that McGlashan’s son took the ACT test in a “controlled” center and someone would correct his son’s answers after the test was completed, the documents say.
A witness, who was not named, said he told McGlashan he would create a “fake athletic profile” for McGlashan’s older son, which the witness said he had done “a million times” for other families, the document says.