The private equity firm TPG says it has fired executive William McGlashan, who this week was charged in a nationwide scheme to get students into elite colleges
McGlashan was"terminated for cause" after the company reviewed the allegations outlined in a criminal complaint that named him, according to a statement from TPG. The firm said the firing was"effective immediately." He had been on administrative leave since Tuesday.As part of the conspiracy, parents allegedly paid a college prep organization to take the test on behalf of students or to correct their answers.
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."McGlashan is the founder and served as managing partner of TPG Growth, which has invested in companies such as Airbnb, Spotify and Uber. He also started TPG's Rise Fund, which has partnered with Bono and focuses on investments that promote environmental and social good.
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