Business executives out after being charged in college admissions scam

Wealth


Caplan, 52, of Greenwich Connecticut, was placed on indefinite leave, by Willkie Farr, according to reports. The New York-based law firm has 700 lawyers in 10 offices in six countries. Caplan allegedly paid $75,000 to have his daughter’s test score changed. He was released on Tuesday on a $500,000 bond.

“I’m not worried about the moral issue here,” Caplan said during a phone call that was cited in the indictment. “I’m worried about the — if she’s caught doing that, you know, she’s finished.”

The University of Southern California also reportedly fired two athletic department employees — senior associate athletic director Donna Heinel and water polo coach Jovan Vavic — for allegedly taking bribes of more than $1.3 million and $250,000, respectively, to help kids get in as athletic recruits.

Other business executives charged included Agustin Huneeus, head of Huneeus vineyard in Napa Valley, California; Douglas Hodge, a former CEO of Pimco; and Robert Zangrillo, CEO of Dragon Global, an investment company whose website says it’s managed more than $1 billion in companies that have over $500 billion in market value today. The enterprises did not immediately respond to CNBC requests for comment.

William Singer, CEO of the Key Worldwide Foundation who was identified as the leader of the scam, pleaded guilty to four charges Tuesday. Federal prosecutors said his business helped parents bribe college coaches to take their children without any athletic background and to help alter students’ answers on SAT and ACT exams.

Prosecutors said Henriquez and his wife paid $400,000 in bribes to get their daughter into Georgetown and hired a cooperating witness to aid their other daughter with her standardized exam. The couple also allegedly bribed Georgetown’s head tennis coach to designate their daughter as an athletic recruit. They were each released on $500,000 bond.



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