Lithium executive latest to face charges in sprawling U.S. college admissions scandal
BOSTON (Reuters) – The quickly ousted leader executive of Advantage Lithium Corp on Friday is about to grow to be the latest rich particular person to face felony charges of collaborating in the most important college-admissions fraud scheme in U.S. historical past.
David Sidoo, who was once quickly changed as CEO by way of the corporate’s board of administrators on Thursday, is due to seem in Boston federal court docket to be charged with paying $200,000 to the rip-off’s accused mastermind, William “Rick” Singer, to organize for folks to take the SAT admissions verify for his two sons.
Some 50 folks together with outstanding executives, Hollywood actors and college coaches were charged for roles in the scheme, in which prosecutors say earned Singer some $25 million over 8 years by way of bribing coaches and arranging for phony test-takers to protected purchasers’ kids spots at elite universities together with Yale, Georgetown and Stanford.
Singer on Tuesday pleaded responsible to masterminding the scheme, which highlighted the lengths that rich and strong Americans would move to cheat the high-stakes and high-pressure college admissions gadget.
One of the universities concerned, the University of Southern California, has already rescinded admissions gives to six scholars concerned in the scheme and stated it’ll evaluate what movements to take in opposition to scholars already admitted who took phase.
Sidoo is one among a sequence of outstanding executives charged in the scheme. Others come with Douglas Hodge, former executive of funding company PIMCO; Manuel Henriquez, who resigned as CEO of forte finance corporate Hercules Capital Inc; Gordon Caplan, who has been put on depart from his publish as co-chairman of the worldwide legislation company Willkie Farr & Gallagher; and TPG Capital personal fairness spouse William McGlashan Jr., who was once fired by way of the company on Thursday.
Advantage Lithium is in the method of growing a possible Argentine lithium mine. Lithium is a key factor in batteries for electrical vehicles.
Hollywood actress Lori Loughlin was once dropped by way of the corporate that owns the Hallmark cable channel and LVMH’s Sephora good looks chain ended a sponsorship take care of her daughter, Olivia, because of the fee. Loughlin’s husband, style fashion designer Mossimo Giannulli, has additionally been charged.
“Desperate Housewives” actor Felicity Huffman was once additionally charged in the scheme.
Both mastermind Singer and the fogeys alleged to have paid into the scheme may face up to 20 years in jail if convicted.
The unique tip that led to uncovering the college scandal stemmed from an unrelated securities fraud probe into Morrie Tobin, a Los Angeles resident who prosecutors stated engaged in “pump-and-dump” inventory marketplace schemes, an individual acquainted with the topic stated on Thursday.
Tobin, who pleaded responsible on Feb. 27 to conspiracy and securities fraud charges, informed government a Yale University girls’s football trainer had sought a bribe in trade for serving to his daughter get into the Ivy League faculty, the individual stated.
That now-former trainer was once Rudy Meredith, who agreed to plead responsible to conspiracy and twine fraud charges.
Reporting by way of Ross Kerber and Nate Raymond, writing by way of Scott Malone; Editing by way of Steve Orlofsky