The head of a California venture capital firm is out of a job after being charged in a. Manuel Henriquez, co-founder, chairman and CEO of Hercules Capital, has “voluntarily stepped aside,” though he will remain a board member and adviser, the Silicon Valley-based financial firm said Wednesday.
Released on $500,000 bail after his arrest on fraud charges Tuesday, Hernriquez is accused of paying at least $250,000 to buy his daughter’s entry into Georgetown University, and is one of 50 people indicted in a scheme unveiled by federal prosecutors on Tuesday.
In addition to, others charged include ACT and SAT administrators, a test proctor, and coaches at Yale, Stanford and the University of Southern California.
Others implicated in the scandal also face professional repercussions.
Bill McGlashan, CEO of a “social-impact” investment fund managed by private equity firm TPG, is on indefinite administrative leave “as a result of the charges of personal misconduct against (him),” a spokesperson for TPG said by email. McGlashan managed TPG Growth, which invested in companies including Spotify and Airbnb. He also led TPG’s Rise Fund, which touts itself as investing for social and environmental good.
McGlashan allegedly paid to have his son’s ACT exam doctored to have a phony football profile created to help his child get into the University of California.
Lawyer Gordon Caplan, co-chair of Willkie Farr & Gallagher, is reportedly on leave of absence from his firm, which did not immediately return a request for comment.
Accused of paying $75,000 to have his daughter’s college test score fixed, Caplan was was released on a $500,000 bond after a court appearance Tuesday, according to the U.S. Attorney’s Office for the District of Massachusetts.