Aged Hercules Capital CEO to plead responsible to U.S. faculty admissions scam

Aged Hercules Capital CEO to plead responsible to U.S. faculty admissions scam

BOSTON (Reuters) – The pale chief executive of specialty finance lender Hercules Capital Inc and a pale meals manufacturer executive hang agreed to plead responsible to costs associated to their feature in the U.S. faculty admissions scandal, prosecutors acknowledged on Friday.

FILE PHOTO: Manuel Henriquez, founder and chairman and CEO of Hercules Expertise Remark Capital, facing costs in a nationwide faculty admissions cheating design, enters federal court docket in Boston, Massachusetts, U.S., April three, 2019. REUTERS/Brian Snyder

Federal prosecutors in Boston direct that Hercules Capital founder Manuel Henriquez and Michelle Janavs participated in schemes that involved bribery and college entrance examination cheating to wait on their childhood create admission to schools.

Both of the affluent of us are on account of look in court docket on Monday to enter their pleas, the identical day Douglas Hodge, the pale chief executive of bond supervisor Pimco, is speak to additionally plead accountable for his feature in the design.

They are amongst fifty two other folks charged with participating in an a extensive range of design whereby affluent of us conspired with a California faculty admissions consultant to exhaust bribery and other kinds of fraud to derive the admission of their childhood to schools.

William “Rick” Singer, the consultant, pleaded responsible in March to costs he facilitated cheating on faculty entrance exams and helped bribe sports actions coaches at universities to most up-to-date his purchasers’ childhood as incorrect athletic recruits.

The 35 of us charged in the investigation consist of executives and celebrities, such as “Determined Housewives” star Felicity Huffman and “Beefy Dwelling” actress Lori Loughlin.

Huffman reported to penal advanced on Tuesday after she admitted to accomplishing the faculty examination cheating design and modified into once sentenced to a 14-day term. Loughlin has pleaded no longer responsible.

Friday’s announcement dropped at 18 the need of of us who hang agreed to plead responsible to costs associated to a sprawling investigation that authorities hang dubbed “Operation Varsity Blues.”

California proper estate developer Robert Flaxman on Friday became the tenth to be sentenced, receiving one month in penal advanced for paying $75,000 to hang Singer arrange for a nefarious test proctor to secretly magnificent his daughter’s ACT examination answers.

Sooner than his arrest in March, Henriquez modified into once chairman and CEO of Palo Alto, California-primarily primarily based totally Hercules. He modified into once charged alongside his companion, Elizabeth Henriquez, who has pleaded no longer responsible.

Prosecutors alleged they paid Singer to wait on fraudulently inflate their two daughters’ entrance examination scores and additionally paid him $400,000 to bribe a tennis coach to wait on their oldest create admission to Georgetown College.

Janavs equally agreed to pay Singer $400,000 to facilitate her son’s admission to Georgetown as a incorrect tennis recruit, prosecutors acknowledged.

Reporting by Nate Raymond in Boston; Editing by Alison Williams, Franklin Paul and Tom Brown

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November 8, 2019

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