Ex-TPG Star Bill McGlashan Gets Three Months in College Scam
Former top TPG Capital LP executive Bill McGlashan’s decades of good works and social-consciousness fund raising weren’t enough to dissuade a federal judge from ordering him to prison after being caught cheating to get his son into college.
“You will serve at least some time in jail, to demonstrate that even the rich and famous cannot avoid the rule of law,” U.S. District Judge Nathaniel Gorton told McGlashan Wednesday. “Your enormous wealth, privilege and pride overwhelmed all of what you want to stand for by your words and charity and philanthropy. You entered into a conspiracy to cheat your son’s way into a prestigious university.”
Gorton ordered McGlashan, 57, to federal prison for three months for paying $50,000 to boost his son’s college entrance exam score. The judge said McGlashan was the 10th parent he’s had to sentence in the college scam conspiracy, adding the parents’ crimes have left him “dumbfounded and appalled.”
“I am convinced that you are undoubtedly an intelligent, hardworking businessman who has devoted significant time, money and resources toward advancing social good,” Gorton said before meting out the sentence. “And yet, here you are convicted of a crime that displays an incredible lack of integrity, morality and common sense.”
By bribing to fix his son’s exam, McGlashan, “in essence stole an admission spot at a college from another deserving student who does not have all of your advantages,” the judge said.
Gorton, who could have tossed a plea deal McGlashan reached with prosecutors that included the three-month sentence, said the Mill Valley, California, investment professional’s good works, “crime-free life” and the social good he’s done left him confident that a three-month term was punishment enough.