Silicon Valley investor Bill McGlashan has parted ways with TPG Capital this week in response to the college admissions bribery scandal that he has been charged with taking part in.
According to various report, Silicon Valley investor Bill McGlashan has parted ways with TPG Capital. Although the firm claims that it fired McGlashan in response to the criminal charges against him in the college bribery scandal, McGlashan claims that he resigned.
McGlashan allegedly paid $50,000 to have his son’s standardized test scores modified. Federal investigators revealed that the mastermind behind the alleged scheme deployed various fraudulent tactics to achieve desired test scores for his clients. McGlashan also allegedly pretended that his son was a recruit for the University of Southern California’s football team.
“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,” McGlashan wrote in a statement that was sent to board members at the firm. According to reports, McGlashan’s resignation was sent an hour before he received a notice of his termination. Leaders at the firm claim that they were preparing his termination documents when McGlashan sent his resignation.
A TPG Capital spokesperson told media outlets that McGlashan was fired in connection to his alleged role in the college bribery scandal. “Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately. 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.”
In a public statement, the firm wrote that McGlashan behavior was inexcusable. “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,” TPG’s statement said.
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